Four Trillion-Dollar Tax Cuts = Four Trillion-Dollar Budget Cuts

This past Monday, September 19, President Obama revealed his proposals for how to pay for his $447 billion tax cut/jobs bill announced last week. In the same speech, he announced a goal of cutting the deficits and debt by $4.4 trillion. But what he didn't tell us is that the $4 trillion plus in deficit and debt reduction is almost exactly the amount of tax cuts that have been enacted over the past decade, 2001-2011, roughly three-fourths of which have gone to corporations, banks, investors and the wealthiest 10 percent households.

$4 Trillion Budget Cuts to Pay for $4 Trillion Tax Cuts

Here's how the $4 trillion tax cuts stack up:

• Bush tax cuts, 2001-2010     $2,900 billion

• Bush 2008 stimulus tax cuts     $90 billion

• Obama 2009 stimulus tax cuts     $313 billion

• AMT tax "fix" for high income households  $70 billion

• Supplemental tax cuts June 2009-October 2010  $50 billion

• Obama December 2010 tax cuts  $802 billion

• Obama September 2011 "jobs" bill tax cuts  $270 billion

       ___________
 Total tax cuts $4,495 billion ($4.49 Trillion)

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