October 26, 2010
During the past two years, Congress passed a total of $509 billion in tax cuts for American families and small businesses. The tax burden on Americans is now at its lowest level in 60 years, according to the Center on Budget and Policy Priorities. The most significant single change was a decrease in income taxes by up to $400 a year for individuals and $800 for married couples. Who knew? In a recent New York Times/CBS News Poll, fewer than one in 10 respondents knew that taxes were lowered for most Americans. A third even thought that their taxes had gone up. "We did a magnificent job of selling this tax break," Sanders deadpanned at an event last weekend in Hardwick, Vt., where he mentioned the poll.
The following list identifies the major tax cuts enacted during the past two years.
American Recovery and Reinvestment Act of 2009 (P.L. 111-5; JCX-19-09)
| $232,426 million |
| $19,963 million |
| $6,150 million |
| $1,850 million |
| $6,501 million |
| $19,638 million |
| $74 million |
| $218 million |
| $457 million |
| $143 million |
| $24,677 million |
TOTAL (over 2009-2019) | $312,097 million |
Patient Protection and Affordable Care Act (P.L. 111-148; JCX-17-10 and CBO, Table 2)
| $37,000 million |
| $106,000 million |
| $900 million |
| $1,200 million |
| $100 million |
TOTAL (over 2010-2019) | $145,200 million |
Worker, Homeownership, and Business Assistance Act of 2009 (P.L. 111-92; JCX-45-09)
| $10,823 million |
| $10,407 million |
| $243 million |
TOTAL (over 2010-2019) | $21,473 million |
Hiring Incentives to Restore Employment Act (P.L. 111-147; JCX-6-10)
| $7,616 million |
| $5,422 million |
| $35 million |
| $4,561 million |
TOTAL (over 2010-2020) | $17,634 million |
Small Business Jobs and Credit Act of 2010 (P.L. 111-240; JCX-48-10)
| $518 million |
| $107 million |
| $977 million |
| $70 million |
| $2,177 million |
| $5,454 million |
| $230 million |
| $176 million |
| $1,919 million |
| $410 million |
TOTAL (over 2011-2020) | $12,038 million |
Homebuyer Assistance and Improvement Act (P.L. 111-198; JCX-34-10)
| $140 million |
TOTAL (over 2010-2020) | $140 million |
Charitable Donations for Haiti Earthquake Relief (P.L. 111-126; CBO)
| $2 million |
TOTAL (over 2010-2020) | $2 million |