Legislative Background on the Bush Tax Cuts
Recent Action in Congress
The Economic Growth and Tax Relief Reconciliation Act of 2001 and the Job Growth Tax Relief Reconciliation Act of 2003 have collectively come to be known as “the Bush tax cuts,” especially during debate over whether to extend them or let them expire at the end of 2010, as the laws stipulate. The Bush tax cuts issue were a major focus of the 2008 elections, with Republican candidates generally supporting making the cuts permanent, and Democrats, including then-presidential candidate Barack Obama, advocating their retention only for lower- to middle-income taxpayers. As the 2010 elections approached, most in the two parties…
