What Are the Bush Tax Cuts?

Feb 28, Congress scheduled the Bush tax cuts to expire in to comply with the Byrd rule, which prohibits any tax law to increase the deficit beyond 10 years. However, that was a mid-term election year. No Congressperson wanted to jeopardize re-election by voting against a proposed extension to the Bush tax cuts and thereby raising taxes on low- and middle-income Americans. May 26, The tax cuts mostly accelerated the original tax cuts, but also put in place new tax cuts for dividends and capital gains.

Retrieved December 18,

The tax cut, known as the Jobs and Growth Tax Relief Reconciliation Act of (JGTRRA) was also passed under reconciliation. ThroughoutCongress attempted and failed to come to an agreement over the permanent fate of the Bush tax cuts.

They Estimated Reading Time: 3 mins. Apr 11, The 10% tax bracket will expire, reverting to 15%; The child tax credit will fall from 1, to ; The tax rate on long-term capital gains earned by middle- and upper-income people would rise from 15% to 20%; The tax rate on qualified dividends earned by middle- and upper-income people would rise from 15% to ordinary wage tax rates.

The Bush tax cuts are currently scheduled to expire at the end ofand the tax parameters revert back to their values (the current law baseline). Figure 4 displays the trend in federal deficits as a percentage of GDP from to Under current law, the federal deficit is projected to decline from % of GDP in to less than 2% of GDP in If the Bush tax.

Oct 23, The biggest tax policy changes enacted under President George W. Bush were the 20tax cuts, often referred to as the “Bush tax cuts” but formally named the Economic Growth and Tax Relief Reconciliation Act of (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of (JGTRRA).

July 9,

High-income taxpayers benefitted most from these tax cuts, with the top 1 percent of households receiving an average tax cut Estimated Reading Time: 11 mins. Dec 08, If Democrats get their way, letting the Bush-era tax cuts expire for those earning more than, would mean abillion increase in taxes over the next ten years, according to data from the Department of bushfelling.bar: ARLETTE SAENZ.