Tax Cuts for Top 1% Crisis

A Center on Budget and Policy Priorities report shows that a repeal of the Bush tax cuts for the top 1% of income earners would provide sufficient revenues to close the Social Security funding gap. This striking fact should serve as a much-needed "reality check" in discussions over entitlement programs and the nation's long-term fiscal future. Too often, such discussions assume that Social Security faces a titanic shortfall that will require radical restructuring of the program, while paying little or no attention to the enormous fiscal damage that would result from extending the tax cuts without paying for them. Indeed. Radical reform of the Bush Tax Cut system is desperately needed, and only a bipartisan approach to solving this issue will work. Congress must get serious about this issue convene, as soon as humanly possible, a commission to look at this program and recommend legislation to fix it.
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