Revised Analysis Comparing Differences Between Plans to Extend Tax Cuts

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Revised Analysis Comparing Differences Between Plans to Extend Tax Cuts

MEMORANDUM

To:        Reporters and Editors
From:    The Communications Office of Senate Finance Committee Chairman Max Baucus (D-Mont.)
Re:        Revised Analysis Comparing Difference Between Plans to Extend Tax Cuts

An analysis by the Joint Committee on Taxation comparing the Democrats' Middle Class Tax Cut Extension Act to a Republican proposal to extend all the 2001, 2003 tax cuts shows the Republican proposal costs dramatically more than the Democrats' bill.   The Republican proposal - which extends tax cuts for the wealthiest Americans - will add $155 billion moreto the nation's deficit than the Democrats' plan. 

While cutting taxes for the wealthiest Americans, the Republican proposal also raises taxes on millions of middle-class families. Unlike the Democrats' proposal, the Republican plan fails to extend the 2009 tax cuts for middle-class families that are set to expire at the end of this year.  

	Cost/10 in Millions $
	Republican Plan	Democratic Plan
Middle Class 01/03 Cuts High-income 01/03 Cuts Middle class 09 Cuts               179 expensing ($250K) 179 expensing ($500K) 2012 AMT patch 2013 AMT patch 2012 estate tax Total	$129,530 $49,095 N/A N/A $2,352 $92,039 $100,695 $31,207 $404,918	$129,530 N/A $27,216 $878 N/A $92,039 N/A N/A $249,663

Senate Finance Committee Chairman Max Baucus (D-Mont.) released the following statement today comparing the Senate proposals.  From Chairman Baucus:

"When you cut through all the spin and do an honest, side-by-side comparison, there is no question that the Reid plan is more fiscally responsible and does a better job of protecting the middle-class. The Reid plan targets tax relief for American workers, providing them the certainty they need during these tough economic times.