Extending Tax Cuts Could Cost More than $5 Trillion

DES PLAINES, IL - MARCH 23: The top of a form 1040 individual income tax return for 2005 is seen atop a stack on the same at the Des Plaines Public Library March 23, 2006 in Des Plaines, Illinois. Americans are preparing for the income tax filing deadline next month whether using tax software, filing on the paper forms or using a tax preparer.  (Photo by Tim Boyle/Getty Images)

A Congressional Research Service (CRS) report released October 27 said that if Congress were to permanently extend the expiring 2001 and 2003 tax cuts, it would cost more than $5 trillion over ten years, according to a story from the Bureau of National Affairs.  The report is actually an update of an earlier report on… Read more »