Are the bush tax cuts going to expire?

Bush Tax cuts?

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.

What is Obama 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 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 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.

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.

What promises has Barack Obama kept?

Killing Osama Bin Laden and weakening the Taliban.Ending Don't Ask Don't Tell.Ending the war in Afghanistan.Withdrawing troops from Iraq.National Medicare reform.Keeping Bush Tax Cuts for those earning less than $250,000Letting Bush Tax Cuts expire on those earning more than $400,000 individually or $450,000 as a family annually.Temporarily extending exclusions on capital gains on small businesses and startups with less than $50 million in assets.

Why did bush make tax cuts his first priority?

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

Why did George Bush make make tax cuts his priority?

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

What are some domestic political issues?

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

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 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