Tax cuts implemented under President George W. Bush are set to expire January 1. President Obama wants Congress to extend middle class tax cuts, and many Dems in the House agree—but only for a year or two. Meanwhile, Republicans and some centrists want all the Bush tax cuts extended, including for those with incomes above $250,000 per year, saying their supply-side effects will stimulate growth and provide relief to small businesses. But some economists say, that’s bunk. Should Congress let tax cuts expire? Who should benefit—and who will?
John McKinnon, Wall Street Journal reporter