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A chart from the United States Department of the Treasury study [3] showing the bill's effect on government revenues is reproduced below. As it shows, the TEFRA increased tax revenues by almost 1% (0.98%) of GDP, in marked contrast to the 1981 tax cuts and the milder effects of the other Reagan-era tax bills.
The "Bush Tax Cuts," which are the popularly known names of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 passed during President George W. Bush's first term, reduced the top marginal income tax rate from 38.6% [41] (annual income at $382,967+ adjusted for inflation ...
P.L. 105-277 Enacted 10/21/98 Tax and Trade Relief Extension Act of 1998, Vaccine Injury Compensation Program Modification Act; P.L. 105-306 Enacted 10/28/98 Noncitizen Benefit Clarification and Other Technical Amendments Act of 1998; P.L. 106-21 Enacted 04/19/99; P.L. 106-36 Enacted 06/25/99 Miscellaneous trade and Technical Corrections Act of ...
Enacted by former President Donald Trump in 2017, the Tax Cuts and Jobs Act (TCJA) changed the nation’s tax code, reducing the top individual income tax bracket and nearly doubling the size of ...
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.
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 Code of Federal Regulations is the Treasury Department's regulatory interpretation of the federal tax laws passed by Congress, which carry the weight of law if the interpretation is reasonable. Tax treaties and case law in U.S. Tax Court and other federal courts constitute the remainder of tax law in the United States.
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