Really, taxes are not being cut - they are being defered to future generations. It works like this: our government is spending lots of money while reducing revenue with tax deferments. This works by borrowing money (from foreign central banks, investers, etc.) that will either have to be paid back with lots of interest, or our government will have to declare bankrupcy (something that only the most extremist "cheap labor conservatives" want).
There is a lot of public talk by the most extreme neoconservatives in the Bush administration about "starving the government until it is small enough to drown in a bathtub" but I believe that these views are way out of touch with what average Americans want. Really, who wants to see the end of public education, etc.? (Well, the extremist "cheap labor conservatives" do but they hardly represent normal human or American values).