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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.
On Monday, President Obama suggested a tax break that will benefit America's wealthiest citizens -- as well as some of its poorest. He proposed that the Bush-era tax cuts, which are set to expire ...
Obama's plan is to cut income taxes overall, which he states would reduce revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP). Obama argues that his plan is a net tax cut, and that his tax relief for middle-class families is larger than the revenue raised by his tax changes for families over $250,000.
H.R. 6684, the Spending Reduction Act of 2012, would prevent the scheduled sequestration cuts. Senate-passed Middle Class Tax Cut Act (S. 3412), which was voted on in the Senate on July 25, 2012, would extend for one year the Bush-era tax cuts on the first $ 250,000 of income reported on joint returns and would patch the alternative minimum tax ...
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 ...
President Barack Obama's plan to let Bush-era tax cuts expire for super-rich Americans wouldn't have much effect on around 76 percent of those taxpayers, according to a study by the Joint Committee on
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]
While many Trump-era tax cuts are due to expire by the end of 2025, some other changes have already taken effect for average wage earners. ... Read: Billionaires vs. the Middle Class: ...