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Across the board tax reduction that occurred during 2001 and 2003. Supporters of President Bush's actions said it gave a tax cut ("tax relief") to everyone who paid income taxes. Opponents noted it was highly unusual to give tax cuts during a war; that these cuts mainly helped the wealthy; and that the tax cuts contributed to a growing budget deficit. The tax cuts were scheduled to expire in 2010.

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โˆ™ 2012-11-29 22:27:36
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Q: Bush Tax cuts?
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Related Questions

Are the bush tax cuts going to expire?

not in the near future

What was the first thing president bush did as president?

The first major bill he approved of was the "2001 Bush Tax Cuts [HR 1836]." This is the the famous tax cuts for the rich policy that is being debated now.

What is President Obama unwilling to change his mind about?

Health care. Keeping Bush tax cuts. Tax cuts increase revenue to the government and stimulate the economy.

How does Mitt Romney feel about taxes?

He supports Bush tax cuts and wants to keep them permanent.

Did president george w bush support a tax cut during his first term?

Yes- the so-called "Bush Tax Cuts were passed in 2001 and 2003. They was renewed by the Democrat-controlled Congress in 2010 .

What are some domestic political issues?

- Keeping the bush tax-cuts - Drilling for domestic oil - Lowering unemployment

What are the release dates for Front Page with Allen Barton - 2009 The Truth About the Bush Tax Cuts and the Deficit Panel The Devil Is in the Details?

Front Page with Allen Barton - 2009 The Truth About the Bush Tax Cuts and the Deficit Panel The Devil Is in the Details was released on: USA: 12 November 2010

Why did george w bush make tax cuts his first priority?

Bush felt that cutting taxes would create jobs and put money in people's pockets.

Which president was in favor of tax reduction?

Most presidents favor tax reductions for somebody. Obama talked about reductions for the lower and middle classes. The "Bush tax cuts" are currently being talked about.

Why did George W. Bush make tax cuts his first priority?

Bush felt that cutting taxes would create jobs and put money in people's pockets

George Bush paid a heavy political price when in 1991 he agreed to?

a combination of spending cuts and the largest tax increase in history.

Did the debt double under President Obamas administration?

It has increased about 25% under President Obama, due to, among other things, the recession, two [Bush] wars and the Bush tax cuts.

How did George W Bush appeal across the Republican party to party leaders conservatives and Christian fundamentalists?

Bush promised to use the budget surplus for tax cuts and to return morality to the Presidency.

When did George W. Bush lower taxes?

The Bush tax cuts were passed by Congress in two parts- one in 2001 and the other in 2003. Please click the related link for more detail.

Can obama repeal bush tax cuts?

No, not alone. Only congress can repeal the law or write new one. The president can recommend to congress what he wants. The president also can veto the law written by congress or agree and sign it. But it should be noted that President Obama wants to keep some of the Bush tax cuts-- for the middle class especially. But he feels the wealthy do not need another tax cut, when they have already gotten a number of them.

What is Barack Obama's tax plan?

During his first term, he gave two tax cuts that mainly affected middle class Americans and small-business owners. In his second term, he wants to keep the Bush Tax Cuts for 98% of Americans, but allow the tax breaks for the wealthiest Americans (the top 2%) to expire, as he feels they can afford to pay a little bit more.

What is Barack Obama's opinion about taxes?

He says he wants to raise the income tax rate for very high income people. However, he did not veto the extension of the so-called Bush tax cuts when he had his chance.

Did the Bush tax cuts work well for the economy?

Short term, yes a little. Long term, no. Short term, yes a little. Long term, no.

Which president had a budget surplus?

Clinton had the first budget surplus since 1960. A gift that G.W. Bush manage to eliminate with tax cuts and increased spending.

What are the failures of Barack Obama?

Most important, to date, his failure to erase the Bush tax cuts on those whose taxable income exceeds $250,000/year.

What compromises has Obama made?

In my view, his most damaging compromise was his agreement to retain the Bush tax cuts for households with adjusted gross incomes exceeding $250,000.

Is there any change in the federal income tax rates for the year 2010 2011?

The president and congress have extented the Bush tax cuts for 2011. The tax rate will stay the same as it was in 2010 and since the extension is for two years you can look for the same rates in 2012.

Do Actors get tax cuts?

no lol

What prompted the original and due to expire Bush tax cuts cited in the so-called fiscal cliff discussion?

Since President George W. Bush first instituted tax cuts in 2001 and 2003, this has been a very controversial part of economic policy. It was a strongly-held belief on the part of the Republican Party that cutting taxes would grow the economy (called by supporters "supply-side" and by opponents "trickle-down" economics). When the tax cuts were first enacted, the country was in the midst of a war, and critics noted it was highly unusual to cut taxes during war-time. Further, critics noted the tax cuts mainly helped the wealthy, and contributed to what became a growing budget deficit. But supporters said the tax cuts were necessary: they said the government took too much money from taxpayers, and Mr. Bush was providing them with tax relief. The tax cuts were set to expire in 2010, but they were renewed by Barack Obama as part of trying to negotiate a compromise with Republicans during budget talks in 2011. However, Mr. Obama believed then, and continued to believe during his 2012 campaign, that raising tax rates on the top 2% would bring in much needed revenue and not harm the economy at all. He noted that under Bill Clinton, the wealthy paid that slightly higher rate and the economy was booming. The president would like to continue tax cuts for the middle and working-class but end the tax breaks for the wealthy. Republicans, however, believe that nobody, even the top 2%, should have their taxes go up, so they have blocked any efforts on the part of the president to let the Bush tax cuts on the wealthiest Americans expire.

Can Obama repeal tax cuts?

Presidents often try to implement tax cuts (Obama has cut taxes several times since he has been in office). But tax cuts generally cannot be repealed unless congress goes along with it.