President Obama and GOP leaders reportedly are nearing a deal on extending all Bush-era tax cuts. The holdup has been over whether to extend them to individuals making more than $200,000 a year and couples earning more than $250,000. Doing so would cost more than $60 billion per year. What else could the government get for $60 billion a year? Here are some examples offered by New York Times economics writer David Leonhardt:
– “As much deficit reduction as the elimination of earmarks, President Obama’s proposed federal pay freeze, a 10 percent cut in the federal work force and a 50 percent cut in foreign aid — combined.”
– A 15 percent cut in corporate taxes.
– Universal preschool for 3- and 4-year-olds, with relatively small class sizes.
– “Free college, including room and board, for about half of all full-time students, at both four- and two-year colleges.”
– A $500 tax cut for all households.
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