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Tax Cuts Set To Expire in 2010, How Will That Affect You…
2001. President Bush came into office promising a range of income tax cuts. He succeeded in getting a 10-year $1.35 trillion tax cut plan through Congress in 2001. It was the largest tax cut since 1981. Some key elements were:
- A reduction of individual income tax rates from 15, 28, 31, 36, and 39.6 percent to 10, 15, 25, 28, 33, and 35 percent;
- An increase in the child tax credit from $500 to $1,000;
- A phased-in reduction in estate taxes, and a one-year repeal in 2010;
- A big expansion of tax-favored retirement savings plans.
- Reduce tax Penalty on Married Couples
- All 2001 tax cuts will expire in 2010
Source: Tax Policy Under President Bush: Cato Institute
2008. Bush pushing Congress to make his 2001 Tax Cuts Permanent.
2001 tax cuts Tax Cuts
on February 2nd, 2008 at 12:48 pm
Its good news..Hurray……..