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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.
With little support among Democrats, Congress passed the Jobs and Growth Tax Relief Reconciliation Act of 2003("JGTRRA"), which cut taxes by another $350 billion over 10 years. 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 ...
Over the course of the prior year, President George H. W. Bush negotiated with Congressional leaders on a deficit reduction plan. At the time, Congress was controlled by Democrats. In June, Bush announced support for tax increases to break a stall in the negotiations, abandoning his campaign promise of "read my lips: no new taxes".
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 ...
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 ...
George Bush's 2001 tax cut was controversial almost from its inception. Many economists and analysts opposed the tax cut because they felt it wasn't necessary, given that the U.S. economy was ...
The Act increased individual income tax rates. The top statutory tax rate increased from 28% to 31%, and the individual alternative minimum tax rate increased from 21% to 24%. The capital gains rate was capped at 28%. The value of high income itemized deductions was limited: reduced by 3% times the extent to which AGI exceeds $100,000.
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]