![]() These two measures had long been a talking point on the campaign trail, but many months prior to their respective enactments their fate was less than certain. The total price tag for the two cuts was initially estimated at $1.35 trillion 1 and has become popularly known as the “Bush Tax Cuts.” ![]() The second measure, passed in 2003, the Jobs and Growth Tax Relief and Reconciliation Act, lowered the income tax from dividends and capital gains. The first measure which was passed in 2001, The Economic Relief and Tax Reconciliation Act (“EGTRRA”) revised income tax and estate tax rates. Bush managed two large tax reform measures. Without question the Bush Tax Cuts were a huge legislative victory for George W. Finally, this work will discuss the role these cuts played in increasing the nation’s debt burden and how this has managed to change many American’s view of government spending, particularly in the confines of the Economic Crisis of 2007-2010. This paper will seek to analyze the cuts he signed into law and begin to assess their long-term effects including their impact on the national debt as well as the implications for future administrations. What will follow will be a discussion of the fiscal policy of the Bush Administration with special emphasis on his signature tax cuts. Bush managed to push through Congress a massive tax cut that would go on to have many long term implications to the nation’s accounts. Under the cover of a brief recession and by framing his tax reform in terms of fairness and equality, George W. Following the boom of the Clinton years and the surpluses that were left in its aftermath, Bush would have the ammunition necessary to convince the nation that tax cuts were necessary. Bush publicized his vision for America and central to this was his aggressive tax cuts. Bush was to be a tax cutter.įrom the earliest moments on the campaign trail George W. The impact of these words was not limited to a single member of the Bush family either, for in attendance that day was George W. By promising no new taxes he handcuffed his ability to remain fiscally conservative and his reelection bid ultimately suffered greatly. Bush managed to back himself into a corner that he was never to emerge from. The aforementioned quote has certainly gone down in history as case study in what not to promise the American people. And they'll push, and I'll say no, and they'll push again, and I'll say, to them,‘Read my lips: no new taxes." - George H.W. And the Congress will push me to raise taxes and I'll say no. My opponent, my opponent won't rule out raising taxes. But when a politician talks like that, you know that's one resort he'll be checking into. My opponent now says he'll raise them as a last resort, or a third resort. "And I'm the one who will not raise taxes.
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