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Bush Tax Cuts in 2004 Total $297 billion

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The three rounds of tax-cut legislation (in 2001, 2002, and 2003) account for a substantial share of the nation’s current deficit. The tax cuts would reduce revenues by $276 billion in 2004, according to Joint Committee on Taxation estimates. Further, the interest costs associated with the enacted tax cuts would equal $20 billion, using Congressional Budget Office assumptions. The total cost would therefore be $297 billion, or 2.6 percent of the economy (or GDP).

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