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The Bush tax cuts expired at the end of Congress and the president agreed to keep the Bush rates in place for all but the top two brackets which reverted to 36 percent and percent. Taxes fall, spending increases. The Bush administration soon found itself at war in Afghanistan. Inthe United States began another war in Iraq. The cost of the tax cut is the 5, in lost revenues If the government cuts the tax rate to 10, then the Griffins tax bill falls to 5, By this measure, the Bush Tax cuts have a price tag of around Billion per year!!

35 Lets take a look at previous marginal tax rate changes to put the Bush tax cut in a historical context.

Wilson Coolidge 19Kennedy Reagan Bush. Received one-third of the Bush tax cuts; An average of 52, a year; 13 Middle 20 of the Income Range. People who are now making between 33, and 54, a year. Received just of the Bush tax cuts; An average of a year; 14 Bottom 20 (low-income) People who are now making less than 19, a year. Received an estimated 1 of the Bush.

Economic Recovery and Tax Act of Clinton Tax Increases of Bush Tax Cuts of Bush Tax Rebates of Obama Fiscal Stimulus Plan of PowerPoint PPT presentation.

Mar 03, Brinkley13 ppt ch32 1. Alan Brinkley,Alan Brinkley, AMERICAN HISTORY 13/eAMERICAN HISTORY 13/e Chapter Thirty-two:Chapter Thirty-two: The Age of GlobalizationThe Age of Globalization A Resurgence of PartisanshipA Resurgence of Partisanship – The Second Bush PresidencyThe Second Bush Presidency Bush Tax CutsBush Tax Cuts George W. Bush 7 8. Brinkleybr8 ppt ch32 1. ©McGraw-Hill Education.

(Continued, 4) The Presidency of George W. Bush – Bush tax cuts – election – Hurricane Katrina 9. ©McGraw-Hill Education. A Resurgence of Partisanship (Continued, 5) The Election of – Financial crisis – Great Recession of – Troubled Asset Relief Program. the return of huge deficits, due to Bush tax cuts, recession, Iraq war. If you prefer, you may “hide” or omit this slide from your presentation, and instead give the information verbally to students as you display the following slides.

U.S. population age 65+, as percent of population age Nov 19, The Bush tax cuts created the concept of “qualified dividend income” Sections 1(h)(11), (d)(4)(B), (a) and (b), and (c); and Sect. of Pub. L. No. – Taxed as ordinary income Maximum Rates (including Medicare contribution Tax) Qualified dividend income 15% % % Ordinary dividend.