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Bookmark or Share- Bush Tax Cuts: What They Are, How They Work, and DownsideThe Bush tax cuts were a series of temporary income tax relief measures enacted by President George W. Bush in 2001 and 2003. They occurred through two pieces of legislation: the...
- Economic policy of the George W. Bush administrationBetween 2001 and 2003, the Bush administration instituted a federal tax cut for all taxpayers. Among other changes, the lowest income tax rate decreased from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%. [8] In addition, the child tax credit went from $500 to $1000, and the "marriage penalty" reduced.
- The Legacy of the 2001 and 2003 “Bush” Tax CutsThe biggest tax policy changes enacted under President George W. Bush were the 2001 and 2003 tax cuts, often referred to as the “Bush tax cuts” but formally named the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).
- Looking Back at the Bush Tax Cuts, Fifteen Years LaterThe “fiscal cliff” deal cemented the vast majority of the 2001 and 2003 Bush tax cuts into permanent law. According to one estimate, 82 percent of the Bush tax cuts were made permanent in 2012, while only 18 percent were allowed to expire.
- Economic Growth and Tax Relief Reconciliation Act of 2001Collectively, 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.
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