You can see the Congressional Budget Office report HERE; they are non-partisan … they are the referee who say what policies cost and how much.
And remember – not only does Romney want to extend the tax cuts for the richest Americans … he wants to cut even MORE taxes for the rich. In addition to these tax cuts – he would cut taxes for the rich on the marginal rate by 40%; all of these cuts to revenues that would flow to the treasury would completely bankrupt programs like Medicare and would hollow out spending on help for college students, children, and the elderly. You can find more on that HERE.
The Center on Budget and Policy Priorities explains the report HERE:
The Congressional Budget Office’s (CBO) new report shows that allowing President Bush’s 2001 and 2003 income tax cuts on income over $250,000 to expire on schedule at the end of 2012 would save $823 billion in revenue and $127 billion on interest on the nation’s debt, compared to permanently extending all of the Bush tax cuts. Overall, this would mean$950 billion in ten-year deficit reduction, a significant step in the direction of fiscal stability.
Prior CBO analysis showed the minimal economic risk this would pose in the short-term. CBO previously concluded that extending only the so-called “middle class” tax cuts on income below $250,000, instead of extending all of the tax cuts, would “be more cost-effective in boosting output and employment in the short run because the higher-income households that would probably spend a smaller fraction of any increase in their after-tax income would receive a smaller share of the reduction in taxes (relative to current law).”
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