1 / 14

Bush Era Tax Cuts

Sofiane Hadjar. Bush Era Tax Cuts. History of Tax Cuts. 1981- President Ronald Reagan cut tax rates by 23% at a cost to the government of over $750 billion. 1989- George H.W. Bush, raised taxes contrary to his electoral race promises 1993-

anaya
Download Presentation

Bush Era Tax Cuts

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Sofiane Hadjar Bush Era Tax Cuts

  2. History of Tax Cuts • 1981- • President Ronald Reagan cut tax rates by 23% at a cost to the government of over $750 billion. • 1989- • George H.W. Bush, raised taxes contrary to his electoral race promises • 1993- • Bill Clinton took office and faced a $300 billion deficit. • Cut government spending by $247 billion and raised taxes on top earners. That move, and later tax cuts, resulted in a budget surplus in 1998. • 2000- • George Bush came into office with a $230,000,000,000 surplus. • Campaigned on getting the money back to the people

  3. History of Tax Cuts • 2001-Economic Growth and Tax Relief Reconciliation Act of 2001 • Congress approved Bush’s $1.3 trillion tax cut plan • Lowered income tax 3-5% • Phased out the Estate Tax • Reduced the Marriage Penalty • Doubling the per Child Credit • Called to expire in 2010

  4. Current State • Tax Cuts have been extended through 2012 • The debate at the end of 2010… • Obama-extend the tax cuts for anyone making less than $250,000 a year. • Had to settle • Class Warfare? • Rich? or Job Makers?

  5. Opposing Viewpoints

  6. The Laffer Curve

  7. OBAMA

  8. Obama/Democratic Position • Extend Tax Cuts only for people making under $250,000 a year • Lost negotiations • Extended bush tax cuts

  9. Republican Party Position • Extend Bush Tax Cuts, even for the greater than $250,000 bracket • Promotes Low Taxes for All • Lower taxes=incentive to invest

  10. Mitt Romney • Cut taxes 19 times as MA governor • Never opposed 2003 Bush cuts, but never supported

  11. Michele Bachmann • Adopt a single-rate tax system • Repeal the Death Tax • Promoted as small-government, low-taxes Candidate

  12. Rick Perry • Balance our budget without raising taxes • Promises Tax Reform, No New Stimulus Programs

  13. Herman Cain • Federal government taxes too much and too often • Abolish the IRS • Implement 23% national sales tax

  14. Bibliography • "Barack Obama on Tax Reform." OnTheIssues.org - Candidates on the Issues. Web. 14 Sept. 2011. <http://www.ontheissues.org/2008/barack_obama_tax_reform.htm>. • "Barack Obama on the Issues." OnTheIssues.org - Candidates on the Issues. Web. 14 Sept. 2011. <http://www.issues2000.org/Barack_Obama.htm>. • Gale, William G. "Five Myths about the Bush Tax Cuts." The Washington Post: National, World & D.C. Area News and Headlines - The Washington Post. Web. 14 Sept. 2011. <http://www.washingtonpost.com/wp-dyn/content/article/2010/07/30/AR2010073002671.html>. • "Herman Cain on the Issues." OnTheIssues.org - Candidates on the Issues. Web. 14 Sept. 2011. <http://www.issues2000.org/Herman_Cain.htm>. • Lowrey, Annie. "Bush Tax Cuts 10th Anniversary: They've Been a Failure in Every Conceivable Way. - By Annie Lowrey." Slate Magazine. Web. 14 Sept. 2011. <http://www.slate.com/id/2296578/>. • Mencimer, Stephanie. "The Bush Tax Cuts: Ten Years Later | Mother Jones." Mother Jones | Smart, Fearless Journalism. Web. 14 Sept. 2011. <http://motherjones.com/mojo/2011/06/10th-anniversary-bush-tax-cuts>. • "Michele Bachmann on the Issues." OnTheIssues.org - Candidates on the Issues. Web. 14 Sept. 2011. <http://www.issues2000.org/Michele_Bachmann.htm>. • "Mitt Romney on the Issues." OnTheIssues.org - Candidates on the Issues. Web. 14 Sept. 2011. <http://www.issues2000.org/Mitt_Romney.htm>. • "Rick Perry on the Issues." OnTheIssues.org - Candidates on the Issues. Web. 14 Sept. 2011. <http://www.issues2000.org/Rick_Perry.htm>. • Sahadi, Jeanne. "FAQ on Bush Tax Cuts: What You Need to Know - Sep. 15, 2010." CNNMoney - Business, Financial and Personal Finance News. 15 Sept. 2010. Web. 15 Sept. 2011. <http://money.cnn.com/2010/09/15/news/economy/bush_tax_cuts_faqs/index.htm>.

More Related