New Citizens for Tax Justice report looks at Bush tax cuts

Our colleagues at Citizens for Tax Justice have just released another stellar report, this time comparing the net effects of the Bush tax cuts with the cost to enact the House Democrats’ health care proposal.

How much did the Bush tax cuts cost the country between 2001-2010?
$2.5 trillion.

How much would health care reform cost if it were phased in between 2010 and 2019?
$1 trillion.

And here’s the kicker: 52.5% of the Bush tax cuts went to the wealthiest 5% of taxpayers.

These tax cuts will be fully enacted by the end of next year. After that, Congress and President Obama will have to decided whether to let them expire, extend them or repeal them altogether.

Which is to say, this is the moment for us to have a meaningful public debate about the need to rebalance our tax code.

You can read the full report here.