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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 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.
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]
(The Center Square) – An Illinois congressman is urging lawmakers to extend President Donald Trump’s 2017 tax cuts. Many provisions of the Tax Cuts and Jobs Act are set to expire at the end of ...
(The Center Square) – After Gov. J.B. Pritzker proposed a budget anticipating $55.4 billion in state taxpayer funds, the process of coming to a revenue estimate for the looming Illinois state ...
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Ahead of the 2019 United Kingdom general election, Prime Minister Boris Johnson also evoked Bush's promise by saying "read my lips: we will not be raising taxes"—specifically naming income tax, value-added tax, and National Insurance (NI) contributions as taxes that would not be raised—and, like Bush, reversed on his pledge in 2021 by ...
(The Center Square) – Illinois Gov. J.B. Pritzker is proposing the largest state budget in Illinois history. Pritzker on Wednesday proposed spending $55.2 billion in state taxpayer dollars, $2 ...