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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 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.
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]
Tax cuts, immigration and the Farm Bill will be focuses in the new year for Iowa's all-Republican delegation. ... The major tax code overhaul was signed into law by President Donald Trump in 2017.
The plan, Senate Study Bill 3141, would attempt to lower Iowa's individual income tax, with a current top rate of 5.7%, to zero over a gradual period, using a new state trust and investing through ...
Gov. Kim Reynolds wants to lower Iowa's income tax to a flat 3.5% rate by 2025. Here's what else is in her tax plan. Kim Reynolds wants to cut Iowa taxes — again.
Signed into law by President George H. W. Bush on November 5, 1990 [1] The Omnibus Budget Reconciliation Act of 1990 ( OBRA-90 ; Pub. L. 101–508 , 104 Stat. 1388 , enacted November 5, 1990 ) is a United States statute enacted pursuant to the budget reconciliation process to reduce the United States federal budget deficit.
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 ...