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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.
Despite Bush's emphasis on the issue, many Republicans in Congress were not enthusiastic about his proposal, and Democrats were unanimously opposed. [151] In late May 2005, House Majority Whip Roy Blunt listed the "priority legislation" to be acted on after Memorial Day ; Social Security was not included, [ 152 ] and Bush's proposal was ...
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.
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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 ...
[131] Groups like the AARP strongly opposed the plan, as did moderate Democrats like Max Baucus, who had supported the Bush tax cuts. Ultimately, Bush failed to win the backing of a single congressional Democrat for his plan, and even moderate Republicans like Olympia Snowe and Lincoln Chafee refused to back privatization. In the face of ...
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 so-called Roth 401(k)/403(b) is a new tax-qualified employer-sponsored retirement plan to become effective in 2006, and would offer tax treatment in a retirement plan similar to that offered to account holders of Roth IRAs. For plan sponsors, the law requires involuntary cash-out distributions of 401(k) accounts into a default IRA.