Interesting editorial in the Weekend Wall Street Journal:  Tax Resolution:

With all the other news this week, the media barely noticed that Congressional Democrats passed a budget outline that envisions more than $200 billion in tax increases over five years. … [T]he resolution would increase spending substantially and allow President Bush’s tax cuts to expire, causing most tax rates to snap back to their Clinton-era levels after 2010.

Democrats tried to cover themselves politically on taxes by leaving room to extend some of the targeted Bush tax cuts for another two years, to 2012. These include the per child tax credit and 10% income tax bracket. Ironically, these tax cuts are the most "expensive" in terms of lost federal revenue because they do little to change incentives to work or invest. Meanwhile, the Democratic budget anticipates the expiration of the 15% tax rates on capital gains and dividends, as well as the lower income tax rates for everyone except low-income earners. These are the tax cuts that helped kick the economy out of its post-bubble, post-9/11, post-Sarbanes-Oxley stupor starting in 2003. Federal revenues have since climbed so rapidly that this year they may reach 19% of GDP — above the 40-year modern average of 18.3%. Apparently, Democrats think this tax windfall isn’t enough.