As a matter of record, the final Bush tax rates passed Congress in mid-2003, shortly after Republicans retook the Senate. From August 2003 to December 2007, over eight million net new jobs were created, and real GDP grew almost 3% per year. At that same time, federal revenues increased by 2.3% of GDP ($785 B), putting revenues above the average level of 1960-2000, the forty years before Bush. Unemployment fell to 4.4%, and the deficit fell to 1.2% of GDP. Such was the catastrophe of four years of Bush's tax rates and Republican-written federal budgets. sourceRead the whole thing
For the record, I can not emphasize that extending the current tax rates does not give ANYONE a tax cut. Anyone -- reporter, blog, TV talking head-- who claims otherwise is a damn liar.