Special Report
Small But Potent
A Bush tax cut Q&A.
The House is preparing to pass a slimmed-down version of the president’s tax cut plan. Some pundits argue that the $550 billion tax bill is still too large. But various comparisons show that the tax cut is modest and its economic benefits substantial. The following Q&A puts the size of the House tax bill in perspective.
p> Q: Won’t the tax cut blow a $550 billion hole in the federal budget? br> A: No, the $550 billion is cumulative over 11 years (2003-2013), averaging just $50 billion a year. It’s like Congress labeling your $600 child tax credit a $6,600 tax cut. /p> p> Q: But still, won’t the tax cut cause problems for the federal budget? br> A: The tax cut is just 1.8 percent of $30 trillion in cumulative federal taxes from 2003 to 2013, according to Congressional Budget Office data. Surely, Congress can find budget savings of 1.8 percent. After all, private industry improves productivity by roughly 2 percent every year, on average. /p>
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