Huffpost Business

CBO Director Trashes Bush Tax Cuts

Posted: Updated:
Print

Testifying before the Senate Budget Committee yesterday, CBO director Doug Elmendorf destroyed the case for an extension of the Bush tax cuts in general, and President Obama's proposed extension of just the cuts for income under $250,000 in particular. First, he said, the tax cuts will not help the economy in the long-run. In fact, they'll hurt it. The new debt and the spending cuts and tax increases necessary to retire it will reduce future incomes and gross national product. Let the tax cuts expire, and incomes and the economy will be larger down the road.

Read the whole story at Washington Post

Around the Web

Ezra Klein - Wonkbook: CBO thrashes Bush tax cuts; GOP blocks ...

The CBO on the Bush Tax Cuts « The Washington Independent

American Thinker: Lying About Bush's Tax Cuts

CBO: Extend Bush Tax Cuts to Boost Economy - HUMAN EVENTS