Since the inauguration of Barack Obama, in January 2011, Republicans have been trying to hide a few facts from the American people. According to the Congressional Budget Office, over the ten years from 2001 to 2011, the Bush tax cuts resulted in a loss of revenue amounting to $2.0 trillion dollars. At the same time the growth in expected revenue that Republicans claimed would result from the tax cuts fell $3.5 trillion short of expectations. Combine that with spending that was $3.6 trillion higher than planned and by the end of 2011, Bush handed Obama a deficit of $12 trillion dollars. Boehner, Cantor, McConnell and company, while responsible for this deficit, have for the past five years tried to blame Obama for the fiscal problem. All the while, the Obama administration is the first administration in modern times that reduced government employment during a recession. The Democratic, Clinton administration is the only administration in modern times that managed to reduce the deficit from the level it inherited when first taking office. While the Republicans have managed to tag the Democrats as “tax and spend liberals” and have tried to turn “liberal” into a cuss word, the reality is the Republican administrations with their tax cuts, exceptions, exclusions and deductions used by the wealthy, and with gifts to corporations have increased the deficit far more than Democratic administrations. At some point, American voters need to wake up to the real truth and stop being mislead by so-called Republican created facts.
TOTAL ESTIMATES OF TOTAL INCOME TAX EXPENDITURES FOR FISCAL YEARS 2011-2012
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(in millions of dollars)
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2011
|
2012
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National Defense
|
$13,250
|
$14,270
| ||
International affairs:
|
$57,320
|
$54,410
| ||
General science, space, and technology:
|
$9,560
|
$9,480
| ||
Energy:
|
$12,430
|
$9,050
| ||
Natural resources and environment:
|
$2,020
|
$2,130
| ||
Agriculture:
|
$1,020
|
$1,300
| ||
Commerce and housing:
|
$403,640
|
$425,360
| ||
Transportation:
|
$4,050
|
$4,130
| ||
Community and regional development:
|
$3,080
|
$2,910
| ||
Education, training, employment, and social services:
|
$131,478
|
$107,840
| ||
Health:
|
$163,040
|
$170,650
| ||
Income security:
|
$134,662
|
$154,358
| ||
Social Security:
|
$37,760
|
$38,470
| ||
Veterans benefits and services:
|
$6,260
|
$7,220
| ||
General purpose fiscal assistance:
|
$67,250
|
$62,260
| ||
Interest:
|
$1,190
|
$1,200
| ||
Addendum: Aid to State and local governments:
|
$99,770
|
$88,700
| ||
TOTAL LOSS FROM TAX DEDUCTIONS AND LOOPHOLES
|
$1,147,780
|
$1,153,738
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