Congress appears to be on the verge of extending the Bush tax cuts on income above $250,000 a year, which will cost the US $60 billion a year, writes David Leonhardt in the New York Times. What else could that amount of money buy?
- It could reduce the deficit as much as four other measures combined: the elimination of earmarks, the proposed federal pay freeze, a 10% federal work force cut, and a 50% foreign aid cut.
- It could triple federal medical research funding.
- It could provide free college for about half of the full-time students at four- and two-year-schools—including room and board.
- It could allow for a 15% corporate tax cut.
- It could provide a $500 tax cut for all households.
For his complete list, click here
, or click for more on the Bush tax cuts
(Read more Bush tax cuts