Who passed the Economic Growth and Tax Relief Reconciliation Act of 2001?

Who passed the Economic Growth and Tax Relief Reconciliation Act of 2001?

The Economic Growth and Tax Relief Reconciliation Act of 2001 was a major piece of tax legislation passed by the 107th United States Congress and signed by President George W. Bush.

What did Economic Growth and Tax Relief Reconciliation Act of 2001 do?

The Economic Growth and Tax Reconciliation Relief Act of 2001 (EGTRRA) was a sweeping U.S. tax reform package that lowered income tax brackets, put into place new limits on the estate tax, allowed for higher contributions into an IRA and created new employer-sponsored retirement plans.

Who voted for the tax cuts and jobs act?

The House passed the penultimate version of the bill on December 19, 2017. The Senate passed the final bill, 51–48, on December 20, 2017. On the same day, a re-vote was held in the House for procedural reasons; the bill passed, 224–201. The bill was signed into law by President Donald Trump on December 22, 2017.

How did EGTRRA affect national budget?

EGTRRA was one of the reasons the debt doubled during President Bush’s administration. It increased by almost $6 trillion. 12 Other reasons included lower tax receipts from the recession, the bank bailout bill, and increased military spending for the War on Terror.

What effect did the tax cuts of 2003 have?

Congress enacted major tax cuts in 2001, 2002, and 2003. The acts reduced marginal income tax rates; reduced taxes on married couples, dividends, capital gains, and on estates and gifts; increased the child tax credit; and accelerated depreciation for business investment.

How much did Bush’s tax cut actually cost?

Bush initially sought a $1.6 trillion tax cut over a ten-year period, but ultimately settled for a $1.35 trillion tax cut. The administration rejected the idea of “triggers” that would phase out the tax reductions should the government again run deficits.

Who supported Bush’s tax cut?

Bush had made tax cuts the centerpiece of his campaign in the 2000 presidential election, and he introduced a major tax cut proposal shortly after taking office. Though a handful of Democrats supported the bill, most support came from congressional Republicans.

What did the Tax Relief Act of 2001 do?

Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The Economic Growth and Tax Relief Reconciliation Act of 2001 (Pub.L. 107–16, 115 Stat. 38, June 7, 2001) was a sweeping piece of tax legislation in the United States passed by the 107th Congress and signed by President George W. Bush.

Who wrote the 2001 tax cut bill?

After Treasury Secretary Paul O’Neill expressed concerns over the tax cut’s size and the possibility of future deficits, Vice President Cheney took charge of writing the bill, which the administration proposed to Congress in March 2001.