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Tax Foundation.

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 [2]Estimated Reading Time: 4 mins.

The surplus is not the government's money.

To help students understand Obama's options, the case reviews both the recent tax cuts under President George W. Bush, including the supply-side and demand-management justification given for them, and the broad history of fiscal policy in the United States. Instructors may also obtain a Teaching Note, written by this case's author, that Cited by: 1. 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. Dec 17, The tax cut package angered liberals in the president's party due to the extension of the Bush-era tax cuts for the roughly two percent of highest-earning Americans, which comes at a cost ofEstimated Reading Time: 5 mins.

Jun 07, The future of the Bush tax cuts was a central issue in the presidential campaign, in which John McCain advocated making almost all of the cuts permanent, and Barack Obama called for extending the cuts only for families earning less than, However, when the cuts were finally due to expire inPresident Obama extended the.

Nov 23, It applied a 35% tax rate to estates worth over 5 million for individuals. 1. But Obama also cut taxes in and 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 stumpcutting.buzzted Reading Time: 8 mins.