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estate tax annually (while raising the amount of money that qualifies for estate tax coverage), until 2010 when it was repealed for one-year.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
[This is] a fight to allow businesses, taxpayers and private industry to keep more of their money so that they can provide real stimulus and lasting growth to the economy.
Most economists believe that they [rich people] would spend the money and stimulate the economy.
Well let's get into the old class warfare again. Let's get the rich…The American people want us to stop spending and so let's just give 'em some certainty and let's extend the tax...existing tax cuts.
[Obama tax proposal is] a bullet in the head for an awful lot of people that are going to be laid off and an awful lot of people who are hoping to get their jobs back.
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.
