How Far Would $50 Billion in Taxes on the Rich Go?: The Government We Deserve
Publication Date: May 2007
Publisher(s): Tax Policy Center
Author(s): C. Eugene Steuerle
Special Collection: John D. and Catherine T. MacArthur Foundation
Keywords: Governance; Tax Policy; Tax Distribution and Economic Trends; Fiscal future
Democrats at Congress's helm are discovering what Republicans learned by the end of President Bush's first term: they have little leeway to do anything. But, you say, isn't Congress going to try to rescind some of the Bush tax cuts? Most likely, yes, but not enough to make much headway against many problems that each entail annual shortfalls of hundreds of billions of dollars. By contrast, the tax changes being considered might, at best, add $50 billion a year in increased revenues.