Kentucky Center for Economic Policy: Extending Federal Tax Cuts Would Double the Deficit for the Benefit of the Wealthiest
ITEP Work in ActionTen years ago, large federal tax cuts were signed into law by President Bush. Those cuts are now set to expire at the end of 2012. Extending them beyond that date would almost double the size of the federal budget deficit, and in Kentucky close to half of the tax cuts from an extension would go to the highest-earning five percent of taxpayers.