The debate over whether or not to extend the Bush/Cheney tax cuts for the richest among us is silly. The only defense for doing so is the idea that the more money the most wealthy among us can control, the more they will spend and somehow that will benefit the rest of us.
It's silly because all the statistics show that only once for a brief period did cuts in taxes for the wealthiest benefit the rest of us in any measurable economic way, and that was back in the 1960s when taxes for the rich went from the extremes of the '50s where once you made enough to last you and your family a few lifetimes you were taxed to the point of most of your money going to the government.
As that tax rate was reduced under both parties, loopholes (i.e. legal ways to get out of paying your fair share) grew until Reagan came along and reduced taxes on the wealthiest to the point of no matter how much they made most of their money would not go to the government, and allowed even more loopholes so that even that amount could be reduced to almost nothing, while taxes on the rest of us expanded and did not offer the kinds of loopholes the rich got so that from Reagan onward the gap between the rich and the rest of us grew until under Bush/Cheney it reached proportions that made that gap greater than it had ever been since the Great Depression, before which we found ourselves in the exact same position vis-a-vis taxes and the gap between the rich and everyone else as we did under Bush/Cheney.
If I had dictatorial powers I would make the taxation system fairer by making it simpler—no loopholes, no exceptions—and restore the graduated aspect of income taxes to its and the country's original idea of fairness, i.e. the richest pay a lot more than the non-richest. And use as justification the fact that when taxes were more fairly distributed in terms of percentage of income, this country was at its most prosperous and working people could afford to own homes and send their kids to colleges on one income!
I only paid at that highest level one year in my life and because I didn't own a home, was single at the time and my two older children were grown and my youngest not born yet, the government took what felt like a huge bite out of the money I made that year. I felt pretty bad about it after wealthy Hollywood friends scolded me for not coming to them because their accountants would have found ways for me not to pay that much or not to pay any at all.
But then I prayed and meditated on it and realized that I had been using the interstate highway system to drive around and across the country for decades by that time, I had enjoyed the benefits of our military (shelter and food and healthcare and some education etc.—totally "socialist" by the right's terms—while serving in it for over four years, and keeping our country safe, etc. the rest of the time) all my life, my parents enjoyed the benefits of Social Security which before FDR in the first years of the Great Depression under Republicans they had lost their business, home, and most of their possessions etc.), and so much more.
After that I felt good that I had paid my fair share for all that and more. It's obvious that the wealthy, who enjoy even more of the benefits of this country while often hiding their wealth in overseas accounts and companies or shipping jobs overseas or doing other things with it that does not benefit the rest of us at all (as the "dribble down" economic theories have proven to always grow the wealth of the richest and either stagnate or reverse the money the rest of us can use to live on etc.) should be taxed at a fairer rate, including the wealth they make from investments (the non-or-minimal-taxation of which is the reason Warren Buffet pays less taxes than his secretary as he has pointed out).
And just one last point, the taxes not paid by the wealthiest under the temporary tax cuts for the richest among us put in by Bush/Cheney not only did not create more wealth for any of us below the most wealthy, but add up to just about the exact amount of money spent on the Iraqi war, an amount that not only turned the surplus under Clinton/Gore into the deficit under Bush/Cheney, but contributed greatly to the economic mess Bush/Cheney got us into and Obama/Biden are now getting us out of.