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Tax cuts expiring doesn't mean that Congress won't draft new tax cuts to replace them. I'd note that under Obama there have been substantial cuts to taxes, including about a 1/3 of the Stimulus bill.
Granted, tax cuts under Obama have been less friendly to the rich as they were under Bush. No surprises here...
But to be honest, I think tax increases were inevitable regardless of who was elected in 2008. Even with dramatic spending controls the fiscal situation is too serious to correct without increasing collections through higher rates.
-spence
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