How Far Would $50 Billion in Taxes on the Rich Go?: The Government We Deserve

Publication Date: May 2007

Publisher: Tax Policy Center

Author(s): C. Eugene Steuerle

Research Area: Banking and finance

Keywords: Governance; Tax Policy; Tax Distribution and Economic Trends; Fiscal future

Type: Report

Abstract:

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.