Want to Save an Easy Trillion Dollars? Step One, Cancel the Bush Tax Giveaways to the Rich
August 27, 2012 Leave a comment
ThinkProgress has a short post up which includes this graphic from the Center on Budget and Policy Priorities, demonstrating how allowing the Bush tax cut for the wealthy to expire would save nearly a trillion dollars over the next ten years.
I would like to point out that this is a slightly conservative option. A centrist option would aim to recover the revenue that we lost from having these tax cuts in the first place. A progressive option would aim to recover the lost revenue and then cut the deficit even further through additional tax hikes on those who can afford it.
As is usually the case, the progressive option would be the most fiscally responsible, but the children in the beltway would rather clap their hands harder so that one day Reaganomics will work.