Bush Tax Cuts

Link "Bush 2001 Tax Cuts"

These cuts lowered taxes across the board. Why are they often referred to as cuts for the wealthiest?

We see it as a good plan to put money back into the economy and agree with the extension for the middle class. This has given people more money to buy necessities which creates more sales to keep our businesses going. What do the wealthiest do with the extra money? Warren Buffet says he "just gets richer" and that cuts for the wealthy does not help the economy.

PUBLIC LAW 107–16—JUNE 7, 2001

‘‘In the case of

 taxable years

 beginning during      The corresponding

 calendar year:          percentages                                                     

                                shall be substituted for

                                the following percentages:

                                28% 31% 36% 39.6%

2001 .......................27.5% 30.5% 35.5% 39.1%

2002 and 2003 .......27.0% 30.0% 35.0% 38.6%

2004 and 2005 .......26.0% 29.0% 34.0% 37.6%

2006 and thereafter .25.0% 28.0% 33.0% 35.0

Credit:

The per child amount is—

                                                                       

2001, 2002, 2003, or 2004 ... $ 600

2005, 2006, 2007, or 2008 .......700

2009 .........................................800

2010 or thereafter ...................1,000.’’