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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.
The Bush tax cuts reduced income taxes for those earning over $1 million by $110,000 per year on average during the 2004–2012 period. The tax cuts made the tax system less progressive. From 2004 through 2012, the tax cuts increased the after-tax income of the highest-income taxpayers by a far larger percentage than they did for middle- and ...
The Bush tax cuts of 2001 and 2003, which had been extended for two years by the 2010 Tax Relief Act, were scheduled to expire on December 31, 2012. Planned spending cuts under the Budget Control Act of 2011 also came into play.
That's because if the Bush-era capital-gains tax cuts expire in. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to ...
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 ...
But that was before the Obama administration and congressional Republicans agreed to extend the Bush tax cuts. ... I'd phase in my $75 billion in cuts over a four-year period, fiscal 2012 through ...
This new plan would cut deficits by $4 trillion over 12 years through a combination of broad spending cuts and tax increases, including the expiration of the Bush tax cuts for incomes over $200,000 and proposed a cap on increases in Medicare and Medicaid spending, to be paid for by individuals. Obama criticized the Republican plan for enriching ...