Legislative Background
Recent Action on Tax Cuts
On February 8, 2001, President Bush sent to Congress the outlines of a proposal to cut taxes by an estimated $1.6 trillion over 10 years. The plan was similar to a proposal that then Governor Bush made during the presidential campaign. Its principal components were: a reduction in marginal individual income tax rates; an increased child tax credit; a tax cut for married couples; elimination of the estate and gift tax; a permanent research and experimentation tax credit; a charitable contribution deduction for nonitemizers; and tax benefits for health care and education. Legislation passed by the 106th Congress (1999-2000) contained…
