I don’t really want to provide an analysis of the “Bush tax cuts” but I find the history interesting. For the record, the real name is the Jobs and Growth Tax Relief Reconciliation Act of 2003.
”The Jobs and Growth Tax Relief Reconciliation Act of 2003 ("JGTRRA", Pub.L. 108-27, 117 Stat. 752), was passed by the United States Congress on May 23, 2003 and signed into law by President George W. Bush on May 28, 2003. Nearly all of the cuts—individual rates, capital gains, dividends, estate tax—are set to expire after 2010.
Among other provisions, the act accelerated certain tax changes passed in the Economic Growth and Tax Relief Reconciliation Act of 2001, increased the exemption amount for the individual Alternative Minimum Tax, and lowered taxes of income from dividends and capital gains.”
These are the tax cuts that are set to expire unless Congress does something in its current lame duck session.
The thing I found so interesting was the original vote in the Senate. To spare you from having to decipher it, all Republican Senators voted for it and all Democrats against it except...
Zell Miller (D-GA) and Ben Nelson (D-NE) voted for it.
Lincoln Chaffee (R-RI) and Olympia Snowe (R-ME) voted against it. Along with...wait for it...John McCain (R-AZ) voting Nay.
By the way, the vote was a 50/50 tie broken by
November 26, 2010
P.S. As ever, thanks to Paul Krugman for providing a research starting point.