POINT OF VIEW: Solution of Bush Tax Cut issue by Jan. 1 Is imperative to avoid `fiscal cliff’
Perhaps somewhere in America there is a hermit living deep in a cave in the most remote reaches of the Rocky Mountains who has not heard the terms “Bush Tax Cuts” or “Fiscal Cliff.”
But these terms likely are familiar to most people, although their true meanings may be somewhat obscure.
It may be helpful to start out by noting that President Bush did not order tax cuts in the classic sense back 2001 and 2003, but rather convinced Congress to enact temporary reductions in taxes. Essentially what he did was lower the percentages of taxes paid by most American working families, investors and companies, in an effort to stimulate job growth in the wake of the 9-11 attacks.