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It's overspending, stupid.(Scan)(analyzing the Bush tax breaks)
John Kerry has blamed George Bush's tax cuts for today's federal deficit, and proposed their repeal as a centerpiece of his economic strategy. Exactly how much of today's federal deficit would be eliminated by reversing the various Bush reforms? The Tax Foundation recently used the Congressional Budget Office economic model to make careful estimates.
First, economists from the Tax Foundation calculated what would happen if today's top two tax rates of 35 percent and 33 percent were restored to their pre-Bush levels of 39.6 percent and 36 percent. To this they added the money that would be raised in those brackets by once again allowing full double taxation of dividends. The total effect: This year's deficit would be reduced from $477 billion to $450 billion.
Second, the economists assumed that the rest of George Bush's capital gains and dividend income tax reductions would be estimated. This further reduced next year's deficit--to $430 billion.
That exhausted all the tax cuts that could conceivably be described as benefiting primarily "the rich."
Next, the economists determined how much would be saved by returning all other tax brackets ...
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Source: HighBeam Research, It's overspending, stupid.(Scan)(analyzing the Bush tax breaks)