Ohio Senator Rob Portman:
Analysis of the Congressional Budget Office’s (CBO) final report on what caused the January 2001 projection of a $5.6 trillion 10-year surplus to turn into an actual $6.1 trillion deficit over that 10-year period shows that:
The tax policies enacted a decade ago are responsible for just 16 percent of the swing from surplus to deficit. Furthermore, given that only about one-fourth of the tax cuts went to upper-income earners, just 1/25th of the decline from surpluses to deficits resulted from upper-income tax cuts. (NOTE: Given that CBO does not take into account any of the positive impact of tax cuts on investment, savings and economic growth, the percentage was actually even smaller than the 1/25th estimate)
In a second report, the CBO said that in both 2008 and 2009, the highest-earning 20 percent of taxpayers paid 94 percent of the total income tax burden – up from 86 percent in 2007, and 81 percent before the 2001 tax cuts. In other words, higher-income Americans have been paying a bigger and bigger part of the total tax burden under the so-called “Bush tax cuts.”
This is nothing new....