First, the total cost of these policies, in billions of dollars. As it's easy to see, the extension of the Bush tax cuts do the most damage on the revenue ledger of the federal government. Total extension costs $750 billion over two years, while the Democrats' favored policy of extending all but the top rates costs $670 billion. The other major tax provision - an...
The thing about CBO numbers is that they are like the jobless numbers, they are reported to defend someone's ideas of what we should be doing, not on what the real fiscal positioin will be. These are the same folks that told us ACA would save us money. It wont and they knew it when the reported what they were told to say.
As an accompaniment to the earlier report on the Congressional Budget Office's analysis of the fiscal cliff, here are some charts to help visualize what kind of effect that the policies under discussion will have.
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