Yes, expiring the Bush tax cuts in 2010 would dampen the economy, because low taxes stimulate economic growth. When people have extra money, they spend it. Studies show that people spend about 90 percent of their additional earnings. Wealthy people spending money will trickle through the economy and improve the recovery for everyone. Expiring the cuts will have the opposite effect.
Bush made the life of top earners pretty nice during his presidency. His famed tax cuts were just a part of it. And yet, we found ourselves in one of the worst economical recessions in 2008. The middle class has been clawing its way out of the recession, while the top 1% is back to normal. So how exactly did those tax cuts help at all?