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Dec 06, President Obama announced a broad"framework" with Republicans that would extend all Bush-era tax cuts for two years, keep the dividend and capital gains tax at 15 percent and temporarily cut Estimated Reading Time: 6 mins. 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 Bush tax cuts reduced income taxes for those earning over 1 million by, per year on average during the – period. The tax cuts made the tax system less progressive. From throughthe tax cuts increased the after-tax income of the highest-income taxpayers by a far larger percentage than they did for middle- and.

Jul 11, After a protracted debate, Congress and President Obama agreed at the end of to extend the Bush tax cuts for two years, and They allowed the Making Work Pay Credit to expire but replaced it with a payroll tax “holiday” which reduced Social Security payroll taxes paid inand this was eventually extended through Jan 07, President Obama’s initial negotiating proposal to Republicans would have cost aboutbillion less, notably by raising taxes above a lower, (, for joint filers) threshold, taxing dividends as ordinary income, and limiting tax savings on itemized deductions to 28 percent.

In short, the policy choice made on the Bush tax cuts. Jun 07, As a result, the future of the Bush tax cuts became a major campaign issue in as well.

Ultimately, the fate of the Bush tax cuts was settled in the “fiscal cliff” deal, where Congress decided once and for all which of the cuts would be made permanent, and which would expire. While the Bush tax cuts are no longer a hot political issue, it is worth remembering that the future of the cuts. Dec 07, Barack Obama gives way to Republicans over Bush tax cuts.

Barack Obama is bowing to Republican demands to extend a deep tax cut.