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This had an impact on the mid-term elections, which created a Republican majority in the.

Jan 03, The American Taxpayer Relief Act of (ATRA) [1], which President Obama signed into law last night, makes permanent 82 percent of President Bush’s tax cuts. The Joint Committee on Taxation (JCT) and Congressional Budget Office estimate that making permanent all of the Bush tax cuts would have costtrillion over Estimated Reading Time: 4 mins. Nov 23, In billion were cut as part of the American Recovery and Reinvestment Act.

2 InObama approved the permanent extension of the Bush tax cuts for those below a certain income level. This was part of the fiscal cliff package. treedelimbing.buzzted Reading Time: 8 mins. Mar 02, He tells us that he will make the rich pay their share of taxes by raising the tax code to 39 percent, as it was in Clinton’s term of office. So as soon as he was re-elected he made the Bush tax cuts permanent. Those tax cuts will cost us more than 1 trillion a treedelimbing.buzzted Reading Time: 3 mins.

Jan 02, On Jan. 1,Congress passed and Obama signed a law permanently extending the Bush-era rates on incomes below, Feb 28, InPresident Obama signed the American Taxpayer Relief Act ofwhich made permanent 82% of the Bush tax cuts. Bush tax cut provisions that expired included reduced income, capital gains, and dividend tax rates, limits on personal exemptions, and reduced estate tax rates.

It cut individual income tax rates, doubled the standard deduction, and eliminated personal exemptions.

Bush tax cuts did lead to real GDP growth, but further reduced federal government revenues. A popular tool of the Bush Administration was deficit financed one-time tax reliefs.

These reliefs were not permanent changes to the tax code as during the Reagan Administration, but rather one-time payments to taxpayers.