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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-

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Bush Era Tax Cuts


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history of 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-
    • 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
history of tax cuts1
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
current state
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?
obama democratic position
Obama/Democratic Position
  • Extend Tax Cuts only for people making under $250,000 a year
  • Lost negotiations
    • Extended bush tax cuts
republican party position
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
mitt romney
Mitt Romney
  • Cut taxes 19 times as MA governor
  • Never opposed 2003 Bush cuts, but never supported
michele bachmann
Michele Bachmann
  • Adopt a single-rate tax system
  • Repeal the Death Tax
  • Promoted as small-government, low-taxes Candidate
rick perry
Rick Perry
  • Balance our budget without raising taxes
  • Promises Tax Reform, No New Stimulus Programs
herman cain
Herman Cain
  • Federal government taxes too much and too often
  • Abolish the IRS
  • Implement 23% national sales tax
bibliography
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>.