Search results
Results from the WOW.Com Content Network
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. [1]
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]
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]
One path would extend most or all of the TCJA, but only for a few years, akin to the deal Congress and President Barack Obama agreed to in 2010 when the Bush tax cuts were scheduled to expire ...
The tax collected about $350 million from Illinois grocery shoppers and redistributed the money back to communities. Places like Rockford get as much as $8 million a year from the state's grocery ...
The expiration isn't a surprise: It was written into Trump's signature tax legislation from his first term, the Tax Cuts and Jobs Act (TCJA), signed into law in 2017.
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.
Wealthy Americans could pay around $50,000 more in taxes if Congress decides to let Bush tax cuts expire this year. For example, a married New Yorker earning about $1 million in income, with an ...