GO
Loading...

Will All Bush Tax Cuts Be Extended?

US Capitol Building
US Capitol Building

Debate has been heating up over tax cuts enacted by former President Bush, which are set to expire at the end of the year. President Obama has indicated that he will extend the cuts for middle class Americans, but not for the country's wealthiest.

Many people believe America can't afford to extend the tax cuts across the board, while many others feel that extending the tax cuts for everyone is essential for economic growth. We asked the Kudlow Caucus to predict the outcome. But what do you think?

Will all the Bush tax cuts (including for the wealthy) be extended?



The Kudlow Caucus Breakdown

No
Jerry BowyerEconomist, CNBC Contributor
Because the wealthy have a lower marginal propensity to spend and a higher marginal propensity to save and invest, and we can't have that now can we?.

No
Andrew B. BuschGlobal Currency and Public Policy Strategist
BMO Capital Markets
Not by the current Congress. They will allow them to roll off as this is the election year strategy to appear like something is being done on the deficit while attempting to seem tough on “wealth” or high end earners. It’s a mistake..

No
Kellyanne ConwayCEO and President
the polling company™
And a double dip recession will inch closer to reality.

No
David P. GoldmanSenior Editor
First Things
The lame duck Democratic Congress will toss a parting bomb at the U.S. economy using class warfare rhetoric.

Yes
Jim LaCampPortfolio Manager, Portfolio Focus, RBC Wealth Management
Co-Host, Opening Bell Radio Show, Biz Radio Network
The administration has lost much of its cachet as their polls continue to plummet. The elections are looming, and many Dems are now wavering on this issue.

No
Art LafferFmr. Reagan Economic Advisor
Chief Investment Officer, Laffer Investments
There are simply not enough votes willing to go so strongly against the administration.

No
Donald L. Luskin Chief Investment Officer, Trend Macrolytics LLC
But I wish there was a “maybe” option, because it is certainly possible. It was impossible three weeks ago, but now it’s on the table. The Senate Democrats who have come out in favor of total extension have exactly the right message. We’d be crazy to raise taxes on ANYBODY in this economy. Small business operators – the majority of households who report more than $250k/year – are the job creators in this country. Lower their taxes, and that makes them more willing to hire. It’s all about jobs, right?

No
Steve MooreSr. Economics Writer, The Wall Street Journal Editorial Board
Class warfare will triumph over jobs and growth and economic common sense.

No
Peter Navarro
Business Professor
University of California, Irvine
There’s two reasons. One, it’s too sensible. Two, the consensus among the left wing of Congress is not sufficient to allow it. Some Democrats in marginal districts will support it just so they can say they did on the campaign trail, but it’s hypocrisy.

No
James Pethokoukis
Money & Politics Columnist
Reuters
I think Congress will not come to an agreement in 2010. Then the GOP will revisit the issue in early 2011 when they have greater numbers.

No
Robert Reich
Former Labor Secretary
Professor of Public Policy, UC Berkeley
Unfortunately, no. There won’t be enough votes either to extend for all, or extend for the 98 percent of filers with incomes under $250K.

No
Mark Walsh
Political Strategist and Campaign Innovator
Everyone, including conservatives, will realize and admit the deficit impact of extending a program that was designed to expire. However, lower and middle class income tax cuts will be allowed to continue.

Contact Kudlow's Corner