Economic Growth and Tax Relief Reconciliation Act of 2001
The Economic Growth and Tax Relief Reconciliation Act of 2001 was the first of President George W. Bush's (R) radical tax cuts. Tax rates were lowered across the board, with the highest bracket being decreased 39.6 percent to 35 percent. The capital gains tax was lowered as well, from 10 percent to 8 percent. The bill also reduced the estate tax annually (while raising the amount of money that qualifies for estate tax coverage), until 2010 when it was repealed for one-year.
The law provided tax credits for education, created tax incentives for married couples and increased the Child Tax Credit from $500 to $1,000.
Cry Wolf Quotes
[We have] High unemployment because small businesses, people who make $250,000 a year, are not spending and investing and it will get worse if we don’t extend those tax cuts.
I hate to tell you, by Washington's definitions that [Melancon]'s using, virtually everybody in this audience is the wealthy.
[The rich are] the people who've been hit hardest by this recession and who we need to create the jobs that will get us out of it.
This is the largest tax increase in American history….the looming tax hike will make it harder for small businesses to keep their doors open. These are not only the people who create jobs, but not only that, they represent the spirit of America.
Evidence
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Tax Cuts on the Rich Don't Spur Economic Growth
The Center for American Progress takes apart supply side myths.
