Let the Tax Cuts for the Rich Expire

Congress is gearing up for a battle that will have profound economic and budgetary ramifications: Should the Bush tax changes expire as scheduled under current law, or should there be a partial or full extension?

While some of the changes for the middle class have boosted take-home pay for many families, the tax cuts for the wealthiest are both poorly designed short-term stimulus and ineffective long-term economic policy.

The tax changes enacted in 2001 and 2003 by President George W. Bush and a Republican-led Congress were loaded with gimmicks, the benefits were skewed heavily toward the wealthy, and they added trillions of dollars to the national debt.

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