That’s the cost to the U.S. Treasury since 2001 from Bush tax cuts for the wealthiest 5 percent of Americans—as of the moment I started writing this blog post.
National Priorities Project and Citizens for Tax Justice today released CostOfTaxCuts.com, a site that has a real-time ticker showing the cost of tax cuts for the wealthiest Americans.
• The average tax cut in 2011 for a household in the wealthiest one percent is $66,384. The average tax cut for a household in the poorest 20 percent is $107.
• Some members of Congress propose making the tax cuts permanent. (Currently, they’re set to expire at the end of 2012.) If they were permanent, then the cost of tax cuts for the wealthiest 5 percent from 2012 to 2021 would exceed $2 trillion. The Super Committee, meanwhile, is charged with reducing deficits by $1.2 trillion over the same period.
There are a lot of other numbers there too. Check it out.
Since I’ve been writing this, the Bush tax cuts for the richest five percent cost the U.S. Treasury another $6 million.
Mattea Kramer is the senior research analyst for National Priorities Project.