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  |
  Print   |
    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  |
  Print   |
  Copy Shortlink
[Error loading the WebPart '']
Value cannot be null. Parameter name: virtualPath
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
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Dustin Diamond Arrested for 'Reckless' Behavior in Bar Stabbing

Friday, 26 Dec 2014 16:13 PM

Actor Dustin Diamond - known as Screech on "Saved by the Bell" - was arrested in Wisconsin on Friday morning, charged wi . . .

Egypt Bans 'Exodus: Gods and Kings' Due to 'Historical Inaccuracies'

Friday, 26 Dec 2014 15:48 PM

Egypt has banned Hollywood's latest biblical movie, "Exodus: Gods and Kings," because of "historical inaccuracies." . . .

Passenger Kicked Off: 'Merry Christmas' Wish Irritates Flier

Friday, 26 Dec 2014 15:07 PM

An American Airlines passenger was kicked off a flight from New York to Dallas Tuesday after he threw a fit when several . . .

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.

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