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The CBO link above outlines the cost of the Obama/GOP compromise. The CBO estimate is over a 10-year period, because some provisions apply to the budget over the next 10 years, while some provisions are only applicable for 2. All the figures below come directly from the CBO link.
1 The total "cost" of the bill is $857 billion...over 10 years = $85 billion/year
2 $85 billion/year is 2% of spending (proposed to be $3830 billion this year)
3 $721 billion out of $857 billion, or 84% of the bill, are keeping the tax cuts. Is this really "spending" to keep our own $?
4 Extending the estate tax "costs" $68 billion over 10 years, or $6.8 billion/year. That is 0.1% of spending this year.
5 Extending unemployment insurance costs $56 billion over 10 years, or $5.6 billion/year.
6 The payroll tax holiday costs $111 billion over 10 years, or $11 billion/year.
7 Extending the renewable energy provisions, which are mostly tax credits and not spending, such as for bio-diesel and energy-efficient appliances, costs $52 billion over 10 years or $5.2 billion/year.
8 In terms of percentages: 84% of the cost of the bill is extending tax cuts or tax credits; 9% is increased spending due to tax cuts (interest on the debt?), and 7% is extending unemployment insurance.
Given the percentages above, do you think it's in the GOP's or the country's best interest to reject this tax deal?
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