Bush said: “Make the tax relief permanent.”
FACT — COST OF MAKING TAX CUTS PERMANENT IS $4.3 TRILLION OVER 10 YEARS: Making permanent the 2001 and 2003 tax cuts and AMT relief would have a total cost of $4.3 trillion over the next ten years. The President has not proposed any measures to pay for them. [CBPP, 1/28/08]
FACT — BUSH TAX CUTS WILL FURTHER EXACERBATE INCOME INEQUALITY: The tax cuts will increase the after-tax incomes of households with annual incomes above $1 million by an average of 7.5 percent, compared to a 2.3 percent increase for households in the middle of the income spectrum and a 0.5 percent increase for the lowest-income 20 percent of households. [CBPP, 3/19/07]
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