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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 Middle Class Tax Relief Act of 2010 originated in the Democratic caucus within the House in early December 2010, and proposed to extend the Bush tax cuts for "middle incomes", meaning those earning under $250,000 for joint filers (and for singles, those earning under $200,000).
Therefore, policies that reduce income tax rates, such as the Bush tax cuts, dis-proportionally benefit the rich, as they pay the lion's share of the taxes. [24] During President Bush's terms, income inequality grew, a trend since 1980. CBO reported that the share of after-tax income received by the top 1% rose from 12.3% in 2001 to a peak of ...
Learning from the mistakes of his father, George W. Bush followed through on his commitment to lower taxes with a pair of new laws known as the Bush tax cuts. Although they contained a few middle ...
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The new chairman of the House committee responsible for writing U.S. tax legislation predicts the Bush era tax cuts will expire for the wealthiest Americans, but that tax cuts for middle income ...
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 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.