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The Bush Administration’s Record on Tax Cuts 2017-01-15T08:38:08+00:00

2001

What: H.R. 1836, The Economic Growth And Tax Relief Reconciliation Act Of 2001

When: Signed into law June 7, 2001

Effects: Cut marginal income tax rates, created a new 10% bracket, provided marriage penalty relief, put death tax on path to extinction, repealed pease and pep, increased the child tax credit, increased contribution and deferral limits on IRAs, and created the saver’s credit.

Documents: Summary, budget effects, detailed description, distributional effects, votes: House and Senate

2002

What: H.R. 3090, The Job Creation And Worker Assistance Act Of 2002

When: Signed into law March 9, 2002.

Effects: Bonus depreciation; temporary extension of net operating loss carry-back period; created NY Liberty Zone tax provisions.

Documents: Summary, budget effects, detailed description, votes: House and Senate

 

What: H.R. 3009, The Trade Act Of 2002

When: Signed into law August 6, 2002.

Effects: 65% refundable tax credit for purchase of health insurance coverage by certain taxpayers eligible for Trade adjustment assistance.

Documents: Summary, budget effects, votes: House and Senate

 

2003

What: H.R. 2, The Jobs And Growth Tax Relief Reconciliation Act Of 2003

When: Signed into law May 28, 2003.

Effects: Accelerated 2001 rate cuts, reduced rate applied to dividend income and capital gains, extended and expanded bonus depreciation, increased §179 small business expensing.

Documents: Summary, detailed description, budget effects, votes: House and Senate

 

What: H.R. 1, The Medicare Prescription Drug, Improvement, And Modernization Act Of 2003

When: Signed into law December 8, 2003

Effects: Created tax-preferred Health Savings Accounts.

Documents: Summary, budget effects, votes: House and Senate

 

2004

What: H.R. 1308, The Working Families Tax Relief Act Of 2004

When: Signed into law October 4, 2004

Effects: Extended research and experimentation (R&E) tax credit, $1,000 child credit, marriage tax relief, the 10% bracket to 12/31/2010 and AMT relief through 12/31/2005.

Documents: Summary, budget effects, votes: House and Senate

 

What: H.R. 4520, The American Jobs Creation Act Of 2004

When: Signed into law October 22, 2004

Effects: Extended §179 small business expensing, created an itemized deduction for State and local sales taxes in lieu of State and local income taxes.

Documents: Summary, budget effects, votes: House and Senate

 

2005

What: H.R. 6, The Energy Tax Incentives Act Of 2005

When: Signed into law August 8, 2005

Effects: Reduced taxes on consumers who purchase certain energy-efficient cars, on producers of energy from renewable energy sources and on investment in new energy infrastructure.

Documents: Summary, detailed description, budget effects, votes: House and Senate

 

What: H.R. 4440, The Gulf Opportunity Zone Act of 2005

When: Signed into law December 21, 2005

Effects: Provided 50 percent bonus depreciation, doubled small business expensing, and extended net operating loss carry-back period for businesses in the hurricane-affected region.

Documents: Summary, detailed description, budget effects, votes: House and Senate (both passed it by unanimous consent)

 

2006

What: H.R. 4297, The Tax Increase Prevention And Reconciliation Act Of 2005

When: Signed into law May 17, 2006

Effects: Extended reduction in rate applied to dividend income and capital gains, extended §179 small business expensing, extended AMT relief through 12/31/2006.

Documents: Summary, votes: House and Senate

 

What: Treasury Announces End to Long-Distance Telephone Excise Tax

When: May 25, 2006

Effects: Beginning in 2007, the Internal Revenue Service (IRS) will issue refunds of tax on long-distance service for the past three years.

 

What: H.R. 4, The Pension Protection Act Of 2006

When: Signed into law August 17, 2006

Effects: Made IRA provisions from the 2001 Act permanent, indexed IRA contribution limits to inflation, permanently extended the saver’s credit, permanently extended §529 college savings provisions.

Documents: Summary, detailed description, budget effects, votes: House and Senate

 

What: H.R. 6111, The Tax Relief And Health Care Act Of 2006

When: Signed into law December 20, 2006

Effects: Extended the R&E tax credit, extended state and local tax deduction, and enhanced HSAs by raising contribution limits, allowing one-time transfers, and making the accounts more flexible by allowing people to contribute to the annual limit irrespective of their plan’s deductible.

Documents: Summary, votes: House and Senate

 

2007

What: H.R. 3996, The Tax Increase Prevention Act of 2007

When: Signed into law December 26, 2007

Effects: Extended AMT relief through 12/31/2007.

Documents: Summary, votes: House and Senate

 

2008

What: H.R. 5140, The Economic Stimulus Act of 2008

When: Signed into law February 13, 2008.

Effects: Provides over $115 billion in rebate checks to over 128 million households, 50% bonus depreciation for 2008, and temporarily increases Section §179 to $250,000.

Documents: Summary, detailed description, budget effects, distributional effects, votes: House and Senate


Thanks to Jason Thomas for the original version of this document.