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Bush initially announced that federal workers would not be paid for the furlough days, but Congress passed legislation granting them back pay due to the threat of lawsuits. [8] The cost of the shutdown was $1.68 million, mainly as a result of lost revenue, not including back pay amounting to an additional $837,000.
The Bush tax cuts (along with some Obama tax cuts) were responsible for just 24 percent. [29] The New York Times stated in an editorial that the full Bush-era tax cuts were the single biggest contributor to the deficit over the past decade, reducing revenues by about $1.8 trillion between 2002 and 2009. [30]
The Act increased individual income tax rates. The top statutory tax rate increased from 28% to 31%, and the individual alternative minimum tax rate increased from 21% to 24%. The capital gains rate was capped at 28%. The value of high income itemized deductions was limited: reduced by 3% times the extent to which AGI exceeds $100,000.
This outcome would follow the example of the American Taxpayer Relief Act of 2012, which made most of the Bush tax cuts permanent, but let the top income tax bracket return to 39.6 percent.
Former Federal Reserve Chairman Alan Greenspan said Congress should let the Bush-era tax cuts expire at the end of this year in order to boost revenue and narrow the federal deficit. "They should ...
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The maximum estate tax, gift tax, and generation-skipping tax rate, which was 55% in 2001 (with an additional 5% for estates over $10,000,000 in order to eliminate the benefit of the lower estate tax brackets) was reduced to 50% in 2002, with an additional 1% reduction each year until 2007, when the top estate tax rate became 45%.
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