Politifact Virginia: Bush tax cut costs - NBC12 - WWBT - Richmond, VA News On Your Side

Politifact Virginia: Bush tax cut costs

RICHMOND, VA (WWBT) – The debt deal was controversial. Many people didn't like it, including 3rd District Congressman Bobby Scott. He felt it didn't raise enough revenue to cut the budget gap. 

In a statement he said: "the estimated savings of this deal will only pay for half of the cost of extending all of the bush-era tax cuts for another decade." 

Is that true? Will this deal only pay "half" of the bill-- a bill that is only a small part of the larger debt problem? According to Politifact Virginia that claim is "true".    

Let's look at the numbers. According to the Congressional Budget Office-- the cost of the Bush tax cuts through 2020 is about 4 trillion dollars.  The savings that congressional leaders have agreed to will be no less than $2.1 trillion. It could be more, but it won't be any smaller than that. That means the savings would equal only about 54% of the Bush tax cuts. 

"Congressman Scott has been opposed from the start to the Bush tax cuts. He would like to see them repealed both for the top bracket- the wealthiest people, and the middle class. His argument is the nation can't afford them," said Warren Fiske, with the Richmond Times-Dispatch.

And you can see all the information behind this week's Politifact Virginia report on their web site, www.politifactvirginia.com and you can see all our past reports on Ryan's political blog, www.decisionvirginia.com.

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