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Aug 30, Update: A new bill will extend tax cuts for most people. Stay tuned for additional details from the Fiscal Cliff Deal in process. Tax Cuts Expiring in December Generally speaking, the tax code and underlying income and investment tax rates (and related deductions) will revert back to pre rates if the Bush tax cuts expire at the end of Estimated Reading Time: 8 mins.

Feb 28, The Bush tax cuts were two tax code changes that President George W. Bush authorized during his first term. Congress enacted tax cuts to families in and investors in They were supposed to expire at the end of Instead, Congress extended them for two more years, and many of the tax provisions remain in effect- and continue to affect the economy- to this day. Jan 24, The Bush tax cuts (along with some Obama tax cuts) were responsible for just 24 percent.

The New York Times stated in an editorial that the full Bush-era tax cuts were the single biggest contributor to the deficit over the past decade, reducing revenues by Estimated Reading Time: 12 mins. Jan 07, The most recent extension of these cuts has allowed conservative members of Congress (and others, like Grover Norquist) to claim victory on these tax cuts, which briefly expired on Dec.

31,only to be reinstated almost in full.

Both the Bush- and Trump-era tax cuts increased the deficit and debt.

Jun 07, The future of the Bush tax cuts was a central issue in the presidential campaign, in which John McCain advocated making almost all of the cuts permanent, and Barack Obama called for extending the cuts only for families earning less than, However, when the cuts were finally due to expire inPresident Obama extended the cuts Estimated Reading Time: 7 mins.

Nov 01, In December ofCongress voted to extend tax cuts enacted by the Bush administration that were set to expire at the end of that year. The bill, the Tax Relief Act, essentially extended the Bush tax cuts for two more years, through Jun 18, The Bush Tax Cuts are set to expire for all Americans.

President Obama wants to extend the tax cuts for Americans making less than, Republicans want to make the tax cuts permanent for every American.

For the back and forth over who maintains the tax cuts, a central point is lost between the parties.