Should Congress Have Enacted George W. Bush’s Tax-Cut?

Should The Congress of the United States have enacted what is now called the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). This is an endless debate of facts, figures and various economic models. One on side, the so called “supply-siders”, and proponents of Reganomics argue that tax-cuts, even when largely benefited by only the top wealthiest in the nation, benefit all in the economy through what has been called the trickle down theory. In contrast there are some economists that think there is little to no benefit of a tax-cut. Also there are citizens who think that a tax-cut should benefit the lower class more so as not to widen the income gap any further, supported indirectly by economist who think that taxes affect demand, also known as Keynesian theory.
“The basic belief of supply-side economics is that all aspects of economic behavior-such as labor supply, saving, and investment-respond to economic incentives and, in particular, to incentives in the ta...