Cost of Bush tax cuts - $2.34 trillion!

When the Bush era tax cuts expire next year, they would have cost the US Government $2.34 trillion, 61.4% of which would have gone to the top quintile of Americans. When the cuts expire, the two top tax rates will move up from 33% and 35% to 36% and 39.6% respectively.



Update 1 (26/7/2011)

Bruce Bartlett has an excellent article highlighting the point that Bush tax cuts are at the root of America's fiscal mess.