Wealthy to call for an end to Bush tax cuts for the rich

“As our nation struggles amidst the Great Recession, we can no longer afford tax cuts built on the failed trickle-down philosophies of the past, but there are those who are fighting to make the full tax cuts permanent nonetheless,” the group stated in a release. “We cannot allow them to succeed.”

During the 2001 tax debate, Republicans (and some Democrats) theorized that wealthier taxpayers would invest their larger tax refunds in businesses that generate jobs for lower-income individuals, which would grow the economy. It’s been roughly ten years since the tax cuts were enacted, and with the jobless rate hovering around a record-high 10 percent, that theory is being questioned.   

House Ways and Means Chairman Sandy Levin (D-Mich.) is expected to begin the process of extending the middle-class tax cuts enacted under Bush when Congress returns from Easter break. 

Rep. Chris Van Hollen (D. Ma.) said Congress would likely extend Bush’s middle-class tax cuts before the November election. The Congressman runs the House Democrats’ campaign arm and also serves as an assistant to Speaker Nancy Pelosi (D-Calif.)

However, Democrats in vulnerable districts might have trouble supporting the expiration of tax breaks for the wealthy in the run-up to the election.