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-income Americans.
! The Bush tax cuts to the ultra rich were supposed to create more jobs, and raise salaries of working Americans. What really happened with the Bush tax cuts was that the super rich outsourced jobs and cut salaries and bought themselves foreign built.
Jan 24, On January 1,the Bush Tax Cuts expired. However, on January 2,President Obama signed the American Taxpayer Relief Act ofwhich reinstated many of the tax cuts, effective retroactively to January 1.
The Act did not repeal the increase in the highest marginal income tax rate (from 35% to %) which had been imposed on January 1 as a result of the expiration of the Estimated Reading Time: 12 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 treedelimbing.buzzted Reading Time: 11 mins.
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