President Bush appears to have won a major victory on the tax cut front. The tax cut bill includes a dividend tax cut, a cut in the Capital Gains tax (from 20% to 15%), a cut in the top income tax rate (from 39% to 35%), and all effectively immediately. Most commentators report that Bush compromised big time to get less than half of what he wanted. More reliable commentators believe it is the best tax package since Reagan’s 1981 tax cuts. Here are the observations of three reliable economic conservatives: Stephen Moore ,
Bruce Bartlett ,and
David Malpass .

Now let’s just hope they are correct.