Friday, April 15, 2005

Taxes Part II

I was looking up some data on R&D funding in the latest budget and stumbled across some startling numbers at the OMB website. The figure comes from the OMB's budget tables. It shows the projected effect if the Bush Tax Cuts economic stimulus package is made permanent (numbers in billions of dollars, larger image can be viewed here:



Notice the rather large increase from the 2006-2010 totals to the 2010-2015 totals. I'll just highlight a few of the numbers. If you calculate the difference between 2010 and 2015 Dividend tax cuts, you average a loss of $17,000,000,000 each year from 2011-2015. If you do the same for the free loader cut estate tax relief, you get about $50,000,000,000 of lost revenue each year. I won't even touch the "marginal" tax rates, that's easy enough (and it makes up 50% of the total tax revenues that will disappear).

I'm all for fixing problems with tax rates for married people, providing child tax credits, education credits and helping small business, but some of these are insane. Medicare is expecting about a $900 billion shortfall in the next decade. Here's my simple minded proposal: repeal the entire tax cut but double the small business incentive, increase the child tax credit by about 50%, and keep the marriage, education, and children/families credits. That's if we don't fix the Medicare bill to allow negotiations with pharma companies.

3 Comments:

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