The Treasury Department estimates that extending all the tax cuts would deny the Treasury almost $3.7 trillion in revenues over the next decade, swelling the national debt. Allowing the reductions for the wealthiest 2 percent to expire would narrow that loss to just under $3 trillion by raising $679.6 billion in new revenue from the wealthy, the Treasury estimates.
Based on president Obama's and his advisers calculations, the very small increase in the top tax bracket isn't going to harm the rich or the economy, since that was the rate that was in effect during the booming 1990s, the longest sustained economic expansion in U.S. history.
Unfortunately the "always say no" Republicans warn of disaster if all the tax reductions aren't extended, while at the same time some of the "sponsored" Democrats in Congress appear increasingly wary of the administration's approach.
For more news go to EU-Digest
Based on president Obama's and his advisers calculations, the very small increase in the top tax bracket isn't going to harm the rich or the economy, since that was the rate that was in effect during the booming 1990s, the longest sustained economic expansion in U.S. history.
Unfortunately the "always say no" Republicans warn of disaster if all the tax reductions aren't extended, while at the same time some of the "sponsored" Democrats in Congress appear increasingly wary of the administration's approach.
For more news go to EU-Digest
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