Press Releases | Budget, Taxes, and Public Investment

News from EPI Giving to the rich and taking from the poor

For Immediate Release: Wednesday, March 30, 2011
Contact: Phoebe Silag or Karen Conner, 202-775-8810

Republican leaders in Congress are seeking immediate spending cuts that would hurt the economic recovery and cost at least hundreds of thousands of jobs. But Congress intentionally increased the deficit last December by extending Bush-era tax cuts for families making more than $250,000 and passing an estate tax cut that benefits only the top quarter of one percent of earners.

Today’s Snapshot compares the amount of money that would be saved by the proposed budget cuts with the one-year cost of the tax cuts for the wealthy that were approved late last year.  Hint: tax cuts for the wealthy have added more to the deficit than would be shaved from the deficit by the proposed spending cuts to important social programs. Click here for full Snapshot.