By Request: Bush Tax Cuts

Daniel Fletcher asks: “Have you heard anything about how likely it is that the Bush tax cuts will be repealed for the ‘wealthiest Americans?'”

It’s overwhelmingly likely. Absent the economic crisis, there would be pressure for the 2009 budget to engage in deficit reduction, which would have encouraged congress to roll back the tax cuts. But given the economic crisis, there’s no appetite for tax increases over the next couple of years. But that merely puts us to the point in time when the tax cuts will expire under existing law and given the current configuration of political forces there’s no way conservatives will be able to get them made permanent.