February 14, 2012 06:44 PM | Permalink |
President Obama’s fiscal year 2013 budget plan would cut taxes by $4.1 trillion over ten years. Most of this cost results from his proposal to make permanent 78 percent of the Bush tax cuts, which would reduce revenues by $3.5 trillion over a decade. The budget plan does include some good proposals that, together, would raise $1.1 trillion over a decade. Of course, these revenue-raising proposals don’t come close to offsetting the costs of the tax cuts.