Senate Fiscal Cliff Bill Is $600 Billion Tax Hike, Increases spending by $330 billion

The Congressional Budget Office (CBO) just now released its score of the bill the Senate passed early this morning while everyone was celebrating the beginning of the New Year. Despite knowing for a long time that taxes would go up on all Americans today, the Senate waited until we technically went over the cliff to act. Washington’s dysfunction was even fodder for New Year’s revelers in Times Square.

tax_hike_largeGoing over the cliff allows Congress to technically say that it isn’t raising taxes, but is cutting them instead. CBO’s score backs them up on this by scoring the Senate bill as a $3.6 trillion tax cut. No one should fall this. The Senate bill is a tax hike because it allows taxes to go up from 2012 to 2013. The tax increases in the bill will reportedly raise about $600 billion over the next 10 years.

Also of note in the CBO score is that the Senate bill increases spending by around $330 billion by extending expanded unemployment benefits, a temporary “doc fix” patch to prevent cuts to Medicare, and extension of the agriculture programs.

via Senate Fiscal Cliff Bill Is $600 Billion Tax Hike, CBO Shows.

About Albert N. Milliron 6992 Articles
Albert Milliron is the founder of Politisite. Milliron has been credentialed by most major news networks for Presidential debates and major Political Parties for political event coverage. Albert maintains relationships with the White House and State Department to provide direct reporting from the Administration’s Press team. Albert is the former Public Relations Chairman of the Columbia County Republican Party in Georgia. He is a former Delegate. Milliron is a veteran of the US Army Medical Department and worked for Department of Veterans Affairs, Department of Psychiatry.

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