...not to say that the Bush tax cuts weren't flawed. They were phased in over time — limiting their effectiveness — and they came with an expiration date.
As a result, taxes will automatically go up unless Congress votes to extend the Bush tax rates.
That alone is the reason for the fierce political debates today over which parts to extend and which to let expire.
Reagan's tax cuts, in contrast, were permanent, so the only way Congress could increase taxes on anyone was to actually vote for a tax hike.
Wednesday, November 28, 2012
Investor's Businss Daily