On the 10th Anniversary of the Bush Tax Cuts, the Center for Budget and Policy Priorities assembled 5 Charts that show the wealthy gained far more from the Bush Tax Cut than working families. The tax cuts did not spur economic growth, and the cuts were the largest contributor to the deficit. Their charts show that letting the Bush Tax Cuts expire would halt the a rise in U.S. debt over the next decade.
Together with the economic downturn, the Bush tax cuts and the wars in Afghanistan and Iraq explain virtually the entire deficit over a decade. . . The events and policies that have pushed deficits to these high levels were largely outside the Obama Administration’s control. If not for the tax cuts enacted during the presidency of George W. Bush that Congress did not pay for, the cost of the wars in Iraq and Afghanistan that were initiated during that period, and the effects of the worst economic slump since the Great Depression (including the cost of steps necessary to combat it), we would not be facing these huge deficits.