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Feb 28, Congress scheduled the Bush tax cuts to expire in to comply with the Byrd rule, which prohibits any tax law to increase the deficit beyond 10 years. However, that was a mid-term election year. No Congressperson wanted to jeopardize re-election by voting against a proposed extension to the Bush tax cuts and thereby raising taxes on low- and middle.

Jan 24, The Bush tax cuts (along with some Obama tax cuts) were responsible for just 24 percent. The New York Times stated in an editorial that the full Bush-era tax cuts were the single biggest contributor to the deficit over the past decade, reducing revenues by abouttrillion between and Estimated Reading Time: 12 mins.

are the so-called Bush tax cuts from his first term, but many have been enacted since, during both the Bush and Obama administrations. The probability that Congress will just let all those tax cuts expire at the end of is small.

The result would be a massive tax hike on middle-income people because the Bush tax cuts have been worth.

Bush tax cuts Debt ceiling history Deficit reduction Fiscal cliff Healthcare reform Political debates Social Security debateStarve the beastSubprime mortgage crisis.

May 26, ThroughoutCongress attempted and failed to come to an agreement over the permanent fate of the Bush tax cuts. They were extended temporarily for another two years, and will expire at the end of Tallies of how members of Congress voted on the final versions of each of the two major tax cuts ( and ):Estimated Reading Time: 3 mins.

Oct 23, 33%. Above, %. 35%. a Based on tax brackets for a married couple inrounded to the nearest 1, The 20tax cuts also phased out the estate tax, repealing it entirely in In addition, the tax cuts included three components that are often referred to as “middle-class” tax bushleaning.buzzted Reading Time: 11 mins. Jul 11, Tax Cuts Enacted in and Included in This Analysis. Congress began cutting taxes during this period with legislation in 20and two subsequent laws that accelerated and extended some of the 20provisions during the period.

The Tax Foundation works hard to provide insightful tax policy analysis.

These changes are known as the Bush tax cuts, which were scheduled to expire after Feb 20, The Bush tax cuts reduced the then percent rate to 35 percent, the 36 percent rate to 33 percent, the 31 percent rate to 28 percent, and the 28 percent rate to 25 percent. It created a new Sep 13, Because of these rules, the Bush administration and Congress were forced to pass “temporary” tax cuts and schedule them to expire at the end of Dec 07, If Democrats get their way, letting the Bush-era tax cuts expire for those earning more than, would mean abillion increase in taxes over the next ten years, according to data from.