Largest Tax increase ever? Allow the Bush tax cuts lapse? Job-killing tax hike? But what does it mean?
Given the uncertainty of the Senate outcome, the strategy offers the GOP a chance to accuse Democrats of planning to raise taxes on most Americans, by allowing all the Bush tax cuts to lapse. The cuts, passed in 2001 and 2003, will expire on Jan. 1, 2011, unless Congress passes legislation to extend them.
Except that they lie. Check it.
They only way Bush/Cheney could get them passed in the first place was accounting tricks. This was the main one. Which is not to say they/we won’t pass a “fix” this fall. Only that we/they shouldn’t.