According to the WSJ …
If he Bush Tax Cuts are allowed to expire at year-end per current law, after-tax income for every working American would be reduced.
According to the Tax Policy Center, the average reduction in after-tax income would be 3.3% .
Do the math:
94% of income goes to consumption, and consumption is 70% of gross domestic product.
All else being equal, if the Bush tax cuts don’t get extended, that’s a 2.3% hit to 2011 GDP.
In other words, a certain double dip.
The Trade and Tax Doomsday Clocks, Oct. 4, 2010
http://online.wsj.com/article/SB10001424052748704116004575521822940983434.html?mod=djemEditorialPage_h
The Homa Files 
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