Taxes and Presidential Math

Townhall.com Staff
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Posted: Oct 08, 2010 4:10 PM
Let’s compare the size of the tax cuts to the total amount of spending over the next ten years and see how ‘drastically’ it would expand the deficit.

According to Congressional Budget Office (CBO) data, extending the tax cuts on top earners would create a budget shortfall of $700 billion over ten years. That’s $70 billion a year. Meanwhile, extending the tax cuts on the middle class would create a budget shortfall of $3,000 billion over ten years.

Now, thinking like a government official, this means that extending the tax cuts would “cost” the government $3.7 trillion over ten years. This sounds like a lot of money, but let’s put it in perspective and look at how much the federal government will be spending over the course of the next ten years.