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

Friday, 13 Jul 2012 10:18 AM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  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.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Conservative Station Rejects Surrogate Mother Company for Job Fair

Sunday, 20 Apr 2014 17:34 PM

A conservative radio station in Florida is banning a company that hires women to act as surrogate mothers from its upcom . . .

Cowboy Poet Waddie Mitchell Pens 'Call to All' on Nevada Ranch Standoff

Sunday, 20 Apr 2014 12:52 PM

A week after a tense standoff between gun-toting states' rights advocates and federal Bureau of Land Management police,  . . .

Boxer Rubin 'Hurricane' Carter Dies at 76

Sunday, 20 Apr 2014 11:26 AM

Rubin Hurricane Carter, the boxer whose wrongful murder conviction became an international symbol of racial injustice, . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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