The BushTax Cut Myth

Brian Riedl: The Bush Tax Cuts and the Deficit Myth - WSJ.com

Good summary, the very important part is even shorter -- "It's the Spending, Stupid"

Putting this together, the budget deficit, historically 2.3% of GDP, is projected to leap to 8.3% of GDP by 2020 under current policies. This will result from Washington taxing at 0.2% of GDP above the historical average but spending 6.2% above its historical average.