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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 Jobs and Growth Tax Relief Reconciliation Act of 2003 ("JGTRRA", Pub. L. 108–27 (text), 117 Stat. 752), was passed by the United States Congress on May 23, 2003, and signed into law by President George W. Bush on May 28, 2003. Nearly all of the cuts (individual rates, capital gains, dividends, estate tax) were set to expire after 2010.
The economic policy and legacy of the George W. Bush administration was characterized by significant income tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for two wars, a housing bubble that contributed to the subprime mortgage crisis of 2007–2008, and the Great Recession that followed.
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.
According to the Center on Budget and Policy Priorities on the Bush tax cuts, “The top 1% of households received average tax cuts of more than $50,000 each year. On average, these households ...
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 ...
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 ...
Reagan asserted that he had no plans to raise taxes in his second term, and Bush quickly argued that he had been misunderstood. Bush's statements led some conservatives to begin doubting Bush's dedication to tax cuts. [3]: 23 As the competition to succeed Reagan began in 1986, it was clear that taxes would be a central issue.