What to Do With the $700 Billion, If Some Bush Tax Cuts Expire

Created: September 22, 2010 17:44 | Last updated: July 31, 2020 00:00

Alexi Giannoulias, a Democratic candidate for an Illinois Senate seat, has a fun new website at 700billionreasons.com. Giannoulias is lobbying for Congress to let the Bush tax cuts expire for the wealthiest two percent of wage-earners, and letting visitors pick how to spend the saved $700 billion.

“Congress is debating whether to dole out another $700 billion in tax breaks for the wealthiest 2 percent of Americans,” the site reads. “Instead of paying down the debt, creating jobs or investing in our education system, this money would simply line the pockets of a select few — most of whom haven’t asked for a tax cut and don’t need it. Tax cuts for millionaires or 700 billion reasons to invest that money in the middle class? Choose how YOU think Congress should act by building your own budget below, then share it on Facebook and Twitter or write your Congressman.”

The options provided are expanding the payroll tax credit, paying down the debt, improving college affordability, giving incentives to small businesses, investing in clean energy, and preventing foreclosures.

Democratic members of Congress are still debating whether to vote just on the middle-class tax breaks, or on all of the tax breaks, or on some other package. However, they have determined that they will vote before the November election, rather than during the lame-duck session.