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Tax Cuts: Myths and Realities

Since 2001, the Administration and Congress have enacted a wide array of tax cuts, including reductions in individual income tax rates, repeal of the estate tax, and reductions in capital gains and dividend taxes.  Nearly all of these tax cuts are scheduled to expire by the end of 2010.  Making them permanent would cost more than $3 trillion over the next decade (when the cost of additional interest on the federal debt is included). 

Policy Points: The Phantom Federal Revenue "Explosion"
Deficit Announcement Masks Bigger Story: Long-Term Outlook Remains Bleak
The announcement of a $248 billion deficit for fiscal 2006 seems like good news. But it is more of a temporary blip than solid progress. The improvement in the deficit may not extend even beyond this year, and the long-term outlook remains bleak.
 

Statement of Robert Greenstein in Response to the Announcement of the 2006 Deficit Figure

Basic Questions and Answers about the Deficit
Issues in Depth
The Estate Tax»
Federal Budget Issues»

Federal Budget Slideshow
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2006 EITC Kit


International Budget Project


Links to State Fiscal Projects

Statement:
Statement of Robert Greenstein on the Commerce Department’s New GDP Figures

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 Accomplishments of the Safety Net

 
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