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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]
However, Bush soon confirmed that tax increases were on the table. [3]: 34 Some of the most enraged over the change in policy were other Republicans, including House Whip Newt Gingrich, the Senate leadership, and Vice President Dan Quayle. They felt Bush had destroyed the Republicans' most potent election plank for years to come.
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.
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 ...
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The law created what would become some of the most important modern provisions in the tax code, including the child tax credit, the Roth IRA, and the education savings account. George W. Bush ...
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.
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