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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 headline of the New York Post the next day read "Read my Lips: I Lied." [12] Initially some argued that "tax revenue increases" did not necessarily mean tax increases. For example, he could mean that the government could work to increase taxable income. However, Bush soon confirmed that tax increases were on the table. [3]: 34
The Economic Growth and Tax Relief Reconciliation Act of 2001 was a major piece of tax legislation passed by the 107th United States Congress and signed by President George W. Bush. It is also known by its abbreviation EGTRRA (often pronounced "egg-tra" or "egg-terra"), and is often referred to as one of the two " Bush tax cuts ".
The tributes to former President George H.W. Bush have focused on his life of service, his character, his sense of humor, his courage and his leadership. In a eulogy Wednesday at the Washington ...
President Clinton signed the Taxpayer Relief Act of 1997, an enormous tax-reduction bill that radically overhauled the IRS code, making more than 800 changes to U.S. tax law.
By Elizabeth Barber BOSTON (Reuters) - Former U.S. President George H.W. Bush showed courage in breaking his "read my lips: no new taxes" campaign pledge to broker a 1990 budget compromise that ...
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.
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 ...