History of American Tax Cut in the Last 20 Years

CA History of American Tax Cuts in the Last 20 Years Nobody enjoys paying taxes. So it should come as no surprise that, when the country is in a bad way economically, asking Americans to pay a little less back to the feds is always one of the first proposed solutions. Here are some of the important tax breaks in United States over the last 2o years. A Crash Course In Tax Cuts Before the Bush Era The Economic Recovery Act of 1981 Reagan's first tax cut! The Revenue CAct of 1964 Proposed by Kennedy, passed by Johnson Jax Reform Act of 1986 Reagan returns! CUTS TOP TAX RATE FROM.. 100% 91%-70% 50% 70%-50% 50%-28% The Revenue Act of 1964 The Economic Recovery Act of 1981 Tax Reform Act of 1986 And Something About Tax Increases for the Wealthy RAISED THE TOP TAX RATE TO.. 39.6% The Omnibus Budget Reconciliation CAct of 1993 Signed into law by Bill Clinton O ver the Last TAX CUTS20 years The George W. Bush Years The Economic Growth and Tax Relief Reconciliation CÁCT of 2001 REBATES FOR EVERYBODY! AND THAT'S NOT ALL! • Tax cuts at all bracket levels! Repeal of the Estate Tax by 2010! Top tax level lowered from.. $300 $500 $600 for single filers with single parents! married couples! for 39.6% 35% no dependents! Jobs anad Growth Tax Relief Reconciliation Act of 2003 • Extended the 2001 tax cuts • Raised Altemative Minimum Tax Exemption • Increased deductions on investment • Both "Bush tax cuts" were set to expire in 2010 income from dividends and capital gains Jax Cuts Under President Bbama American Recovery and Reinvestment Act of 2009 $288 BILLION IN TOTAL TAX INCENTIVES! $237 BILLION IN TAX CUTS $51 BILLION IN TAX CUTS FOR INDIVIDUALS FOR COMPANIES Included $16 billion in payroll tax credits of $400 per worker and $800 per couple $15 billion allowance for companies to use current losses to offset profits made in previous 5 years • Increased the Earned Income Tax Credit $13 billion to extend tax credits for renewable • $8o00 refundable tax credit for first time home buyers energy production Tax Relief, Unemployment Jnsurance Reauthorization and Job ereation CAct of 2010 Temporary one year reduction in FICA payroll taxes • Also known as the "Middle Class Tax Relief Act of 2010" • Extended the Bush tax cuts by two years Unemployment benefits extended 13 months WHAT ABOUT BANK BAILOUTS? • TARP - Troubled Asset Relief Program Also known as the "Bank Bailouts" A program created to stabilize the financial industry by providing struggling financial institutions with the funds they need to survive. 47% 34% • Americans whọ believe TARP was enacted by bama • American who correctly believe that TARP was enacted by the Bush administration $500 billion – Amount the Treasury Department committed to more than 800 financial institutions just through : With that much money you could: 2010 Pay off the average student loan debt Give the 62 million regis- Provide one year's worth of full time child care for at least 42 million kids tered vehicle owners in the ($25,250) 19 million United States more than times $8,000 in gas money each Sources: http://abcnews.go.com/Politics/presidential-tax-cuts-now/story?id=12337213 http://millercenter.org/president/keyevents/ford http://taxfoundation.org/article/growth-earned-income-tax-credit mint.com http://www.presidency.ucsb.edu/ws/index.php?pid32388 http://www.fas.org/sgp/crs/misc/RL30149.pdf http://www.jstor.org/discover/10o.2307/27551629?uid=3739256&uid=2&uid=4&sid=21101766884187 http://www.smartmoney.com/invest/stocks/fords-legacy-is-the-idea-that-tax-cuts-stimulate-the-economy-20574/ http://www.scribd.com/doc/61986150/Economic-Recovery-Tax-Act-of-1981-PL-97-34 http://topics.nytimes.com/top/reference/timestopics/subjects/a/alternative_minimum_tax/index.html http://thomas.loc.gov/cgi-bin/bdquery/z?d107:H.R.1836: http://www.scribd.com/doc/24597313/PL-108-27-Jobs-and-Growth-Tax-Relief-Reconciliation-Act-of-2003 http://www.cbo.gov/sites/default/files/cbofiles/attachments/02-22-ARRA.pdf http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HRO4853:@@@s http://memory.loc.gov/cgi-bin/ampage?collld=llsl&fileName=012/llsl012.db&recNum=D0463 http://www.cbsnews.com/8301-503544_162-20013452-503544.html http://www.huffingtonpost.com/2011/11/03/average-student-debt-2525_n_1073335.html http://www.naccrra.org/sites/default/files/default_site_pages/2012/cost_report_2012_final_081012_0.pdf -----