Fiscal Cliff Crisis Rooted in Senate Ploy to Pass Bush Tax Cuts http://bloom.bg/MfFpye
President George Bush Tax Cuts http://useconomy.about.com/od/usfede...e-Tax-Cuts.htm
The Cost of the Bush Tax Cuts for the Top 5%
BEFORE THE BUSH TAX CUTS
revenues averaged 19.5% of GDP;
AFTER THE BUSH TAX CUTS http://bit.ly/yrUJBv
100M under $25K;
13M over $100K
http://bit.ly/bTqSY #teaparty #p2
BUSH TAX CUTS:
Economic Growth/Tax Relief Reconciliation 2001
EGTRRA generally reduced the rates of individual income taxes:
a new 10% bracket was created for single filers with taxable income up to $6,000,
joint filers up to $12,000, and heads of households up to $10,000.
the 15% bracket was lowered to 10%
the 28% bracket was lowered to 25%
the 31% bracket was lowered to 28%
the 36% bracket was lowered to 33%
the 39.6% bracket was lowered to 35%
Jobs/Growth Tax Relief Reconciliation 2003
Between 2001 and 2003, the Bush administration
instituted a federal tax cut for all taxpayers.
Among other changes:
the lowest income tax rate was lowered 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%.
In addition, the child tax credit went from $500 to $1000,
and the "marriage penalty" was reduced.
Since the cuts were implemented as part of the annual congressional budget resolution,
which protected the bill from filibusters, numerous amendments,
and more than 20 hours of debate, it had to include a sunset clause.
Unless congress passes legislation making the tax cuts permanent,
they will expire in 2011.
Federal Income Tax 1994-2008 http://bit.ly/fa3K6T
The Top 1%