Why The Bush Tax Cut Vote Was So Important

Brian Beutler, July 27, 2012, 7:55 AM

During and after yesterday’s big Senate tax vote, I noticed some observers were pretty quick to diminish the magnitude of what transpired, and what Harry Reid managed to accomplish. That wasn’t exactly a widely shared sentiment, but common enough that I think it’s worth breaking down exactly why it wasn’t a predictable development, and why it matters.

In hindsight, an inability or unwillingness to phase out the Bush tax cuts for high earners before the 2010 election was the Democrats’ single largest failure of President Obama’s first two years. That single omission underlies so many of the difficulties he’s faced in the ensuing year and a half that it’s difficult to fathom how different the political landscape would look today if Dems had handled things differently in 2009 or 2010.