Is it time to repeal Bush's $1 trillion tax cut?

Updated

George Bush's 2001 tax cut was controversial almost from its inception. Many economists and analysts opposed the tax cut because they felt it wasn't necessary, given that the U.S. economy was already recovering from the 2001 recession. Now, with a record U.S. budget deficit and increased social services spending as a result of the recession, policy makers are wondering if the time has come to repeal the $1 trillion tax cut.

As many have noted, the tax cut was heavily tilted toward rich and upper-income citizens, who formed the basis of President Bush's political base. In addition to angering much of the country, this strategy guaranteed that, over time, middle-income and working families would not create as much broad-based demand as they would under a more balanced tax cut.

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