Portman: Bush Tax Cuts for Wealthy Account for Just 4% of Deficit Hike

Friday, 13 Jul 2012 10:18 AM

By Newsmax Wires

  Comment  |
   Contact  |
|  A   A  
  Copy Shortlink
The Bush-era tax cuts accounted for only 16 percent of the swing from a projected budget surplus of $5.6 trillion to an actual deficit of $6.1 trillion from 2001 to 2011, according to Sen. Rob Portman, R-Ohio.

And as only one-fourth of the tax decreases went to “upper-income” earners, they accounted for only 4 percent of the shift, the former White House budget director under George W. Bush said in a statement Thursday. He didn’t specify what constitutes “upper-income.” Portman’s numbers came from an analysis of Congressional Budget Office (CBO) data.

The 4 percent total is actually too high he said. That’s because the CBO doesn’t take into account any of the positive impact of tax cuts on investment, savings, and economic growth.

In any case, the CBO statistics put the lie to President Barack Obama’s claim that we need to raise taxes on those with an annual income of at least $250,000, said Portman, who is reportedly on Mitt Romney’s short list for a running mate.

“While President Obama calls for higher taxes on jobs creators, two new [CBO] reports undercut his class warfare argument and the basis for calls for higher taxes,” Portman said.

“While I doubt these new studies will cause President Obama to change his tune, because too often, with this president, politics trumps good policy, yet another of his straw men has fallen flat.”

The CBO data show that new spending and net interest were three times more responsible for the swing to deficits than the tax cuts – and 12 times more responsible than the upper-income portion of the tax decreases.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Copy Shortlink
Send me more news as it happens.
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Passengers Push Plane on Icy Russian Runway (With Help of a Tractor)

Wednesday, 26 Nov 2014 20:45 PM

Passengers on a Russian plane got off to push the aircraft to help get it on the runway after it began slipping on ice i . . .

Bernie Tiede, Convicted Murderer Mortician, to Get New Sentencing

Wednesday, 26 Nov 2014 17:39 PM

Bernie Tiede, the mortician who was convicted of killing his companion Marjorie Nugent in 1996, will receive a new sente . . .

Chrysler Pentastar Logo Getting Phased Out With FCA Formation

Wednesday, 26 Nov 2014 15:51 PM

Chrysler's iconic Pentastar logo is being phased out as the company introduces a new logo in keeping with the newly form . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved