Will Nearly Double Budget Deficit if Continued, Mostly Benefit the Rich
State-by-State Fact Sheets
Ten years ago, on June 7, 2001, President George W. Bush signed into law the first of several tax cuts that drove the balanced budget he inherited from President Clinton deep into the red. Last year, Congressional supporters of Bush’s policies pushed through an extension of these tax cuts through the end of 2012.
- Many lawmakers want to extend the Bush tax cuts again into 2013 and beyond, which would almost double the federal budget deficit.
- 47.2 percent of the benefits of this tax cut extension would go to the richest five percent of the nation’s taxpayers.
- The richest one percent would receive an average tax cut of $68,079 in 2013.
- The poorest 60 percent of taxpayers would receive an average tax cut of just $487 in 2013.