A Decade of Magical Tax-Cut Thinking

The 2001 Bush tax cuts added $2.5 trillion to the national debt and disproportionately benefited the wealthiest households. Have we learned anything?

by Chuck Collins

Republican leaders in Congress have a one-point program for whatever ails the nation: cut taxes for millionaires and large corporations.

Got a revenue surplus? Cut taxes. Got a budget deficit? Cut taxes. Got a toothache? Cut taxes.

These politicians are like my uncle who believed the solution to every problem was a wee glass of scotch. They live in a world of magical thinking.