The capital gains and marginal tax cuts that have been so important to many small business owners may soon be a thing of the past. Should we blame the new Congress? Should be blame the President? James Pethokoukis says that there is plenty of blame to go around to all of the above.
Most Washington watchers say that the Bush capital gains, dividend, and marginal rate tax cuts would be left to die with only the social policy tax cuts--such as increased child tax credit--standing any chance of surviving. Democrats could easily argue that higher taxes are needed to pay for healthcare reform, Social Security reform, climate change research, public works investment, or reducing income inequality. The major GOP presidential candidates say they intend to preserve the cuts if elected, but if Democrats also control the next Congress, they will have a tough time doing so. Yet here's the thing: If Bush's primary domestic legacy does disappear, he really only has himself ultimately to blame--not Democrats.
Read his column to find out specifically why he blames President Bush as much as he does Congress.
