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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]
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] A 2012 Congressional Budget Office analysis found that the tax cut reduced federal tax receipts by $1.2 trillion over ten ...
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.
A series of tax cuts throughout the 1920s, however, would take those rates down to some of the lowest percentages in history. It all started with the Revenue Act of 1921, which sent the top tax ...
Signs of a compromise are increasing in Washington on extending the Bush tax cuts for all income levels. The question is: Does it make good economic sense to continue them, or is this merely ...
Treasury Secretary Tim Geithner is the Obama administration's point man for selling the idea that letting tax rates for the wealthy return to where they were under President Clinton will be good ...
The Economists' statement opposing the Bush tax cuts was a statement signed by roughly 450 economists, including ten of the twenty-four American Nobel Prize laureates alive at the time, in February 2003 who urged the U.S. President George W. Bush not to enact the 2003 tax cuts; seeking and sought to gather public support for the position.
The new chairman of the House committee responsible for writing U.S. tax legislation predicts the Bush era tax cuts will expire for the wealthiest Americans, but that tax cuts for middle income ...