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The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. [3] The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.
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]
New Hampshire doesn’t tax personal income, but it does have a 4% tax on dividends and interest with a total gross from all sources of $2,400 for individuals. This tax is set to be phased out by ...
That law also lowered the capital gains tax and taxes on dividends. Collectively, the Bush tax cuts reduced federal individual tax rates to their lowest level since World War II, and government revenue as a share of gross domestic product declined from 20.9% in 2000 to 16.3% in 2004. [10]
Other states with tax breaks for senior citizens. Both Kansas and Arkansas have a similar program for homeowners who are 65 years or older to prevent spikes in taxable home values. The programs ...
Treasury Secretary Timothy Geithner said the Bush-era tax cuts for the wealthiest Americans should be allowed to expire this year in order to narrow the federal government's deficit. The New York ...
On November 5, 1990, Bush signed the Omnibus Budget Reconciliation Act of 1990. [13] Among other provisions, this raised multiple taxes. The law increased the maximum individual income tax rate from 28 percent to 31 percent, and raised the individual alternative minimum tax rate from 21 percent to 24 percent.
Learn more about tax breaks for folks over 50 with these commonly asked questions. And take a look at our growing library of personal finance guides that can help you earn money, save money and ...