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CBO Estimates “Obama Tax Cut” To Add $4 Trillion To Deficit Over Next Decade

Posted By admin On January 2, 2013 @ 5:34 am In Featured Stories,Tile | Comments Disabled

Zero Hedge [1]
Jan 2, 2013

Two things:

First - it is no longer the “Bush (temporary) tax cut” – it is now the “Obama (permanent) tax cut“, with a loophole for the 1%ers (whose big picture “impact” we showed previously [2])

Second - according to the just released scoring by the CBO [3], the total impact on the US budget deficit of said permanent tax cuts, will be a $4 trillion increase in the deficit over the next decade. In reality, due to the CBO’s perpetual optimistic bias [4], this number will likely be orders of magnitude lower than what it actually ends up being.

CBO Estimates Obama Tax Cut To Add $4 Trillion To Deficit Over Next Decade Obama%20Tax%20Cut 0 [5]

Maybe the US can just increase the taxes on the uber wealthy some more, and pray that unlikeObelix [6], they have never heard of Belgium.

In other news, perhaps it is time for the CBO to come up with an Extended Extended Alternative Alternative Fiscal Scenario. Because the baseline Extended Alternative, as demonstrated previously [7]and as shown below, may now be just a smidgeon optimistic.

CBO Estimates Obama Tax Cut To Add $4 Trillion To Deficit Over Next Decade CBO%20Future%20Debt 0 [8]

Source: CBO [3]

 


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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/2013-01-01/cbo-estimates-obama-tax-cuts-add-4-trillion-deficit-over-next-decade

[2] showed previously: http://www.zerohedge.com/news/2013-01-01/putting-americas-tax-hike-perspective

[3] scoring by the CBO: http://www.cbo.gov/sites/default/files/cbofiles/attachments/American%20Taxpayer%20Relief%20Act.pdf

[4] CBO’s perpetual optimistic bias: http://www.zerohedge.com/news/speaking-credibility-here-cbos-2001-forecast-which-predicted-negative-25-trillion-net-debt-2011

[5] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/12-2/Obama%20Tax%20Cut.jpg

[6] Obelix: http://www.zerohedge.com/news/2012-12-16/depardieu-shrugged

[7] demonstrated previously : http://www.zerohedge.com/news/cbo-will-need-bigger-chart-forecast-exponentially-rising-us-debt

[8] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/12-2/CBO%20Future%20Debt.jpg

[9] Geithner defends Obama as deficit again tops $1 trillion: http://www.prisonplanet.com/geithner-defends-obama-as-deficit-again-tops-1-trillion.html

[10] Obama Budget Office Forecasts $1.47 Trillion Deficit This Year: http://www.prisonplanet.com/obama-budget-office-forecasts-1-47-trillion-deficit-this-year.html

[11] Obama to raise 10-year deficit to $9 trillion: http://www.prisonplanet.com/obama-to-raise-10-year-deficit-to-9-trillion.html

[12] Congressional Budget Office Projects $9.5 Trillion In Deficits By 2021, $2.3 Trillion More Than Obama’s Estimate: http://www.prisonplanet.com/congressional-budget-office-projects-9-5-trillion-in-deficits-by-2021-2-3-trillion-more-than-obamas-estimate.html

[13] US August Budget Deficit Soars To $192 Billion, $1.17 Trillion In Fiscal 2012: http://www.prisonplanet.com/us-august-budget-deficit-soars-to-192-billion-1-17-trillion-in-fiscal-2012.html

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