Publication Date: July 2008
Publisher: Tax Policy Center
Author(s): Greg Leiserson; Jeff Rohaly
Research Area: Banking and finance
Keywords: Taxes, the Budget, and the Economy; 2001 Tax Cut; Budget Issues; Taxation of Households
Since 2001, Congress has passed a major tax bill almost every year. Most have reduced taxes significantly and, since they were not accompanied by spending cuts, the resulting deficits have increased the national debt. The tax cuts total almost $2.2 trillion over ten years, and that total may be vastly understated if some or all of the cuts are extended beyond their scheduled expiration date of 2010. In addition, the cuts exacerbated the growing problem of the alternative minimum tax (AMT). Barring legislative action, more than 33 million taxpayers will fall prey to the AMT in 2010.
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