Allow the "Bush Tax Cuts to Expire

The “Bush tax cuts” are set to expire at the end of 2010 unless extended by Congress.  Between 2010 and 2020, 80% of these tax cuts will go to ordinary Americans.  Only 20% will go to the rich - defined as singles with incomes over $200,00 and families with incomes over $250,000.  (Source: Joint Committee on Taxation)

The baseline for this analysis assumes Congress will extend some or all of these tax cuts for at least some period of time because to raise taxes in the face of a struggling economy could seriously delay any recovery.  What is the impact on the Debt if we allow all of the tax cuts to expire at the end of 2010?  The rate of growth of the Debt will be slowed so that it will reach 100% of GDP three years later than it would have if the cuts remain in effect.  By 2050 the Debt will grow to 290% of GDP.