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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (226026)	3/24/2005 12:31:34 AM
From: tejek	Read Replies (1) \| Respond to of 1572549

He cut taxes, rich people paid less taxes, the deficit got worse. The amount of tax revenue from the rich increased. And you know that....how? ted

To: TimF who wrote (226026)	3/24/2005 9:54:05 AM
From: Road Walker	Read Replies (1) \| Respond to of 1572549

The tax cuts would reduce revenues by $276 billion in 2004, according to Joint Committee on Taxation estimates. Further, the interest costs associated with the enacted tax cuts would equal $20 billion, using Congressional Budget Office assumptions. The total cost would therefore be $297 billion, or 2.6 percent of the economy (or GDP). Using these estimates, the cost of the tax cuts account for more than half of the 2004 deficit, which CBO estimates to be $477 billion or 4.2 percent of GDP. Based on these estimates, the deficit would have been 1.6 percent of GDP without the tax cuts. cbpp.org