The 2001 and 2003 Bush Tax Cuts
The 2001 and 2003 Bush Tax Cuts
President Bush's tax cuts of 2001 and 2003 had several parts, designed to encourage consumer spending to stimulate the economy and promote investment by individuals and businesses. Key parts included the creation of a 10-percent tax bracket for low income residents, elimination of the marriage tax penalty, increased child tax credits, decreased dividend taxes, decreases on capital gains taxes, and the eventual elimination of the federal death tax. Various elements of the tax cuts are set to expire over the next five years. Proponents of extending the cuts say they have created jobs, stimulated the economy, and put more money in the average person's pocket. Opponents say the taxes have increased the national debt and only favor the rich.
Candidate Responses
Opposed 2001 and 2003 tax cuts. Opposed extending tax cuts through 2010. Proposed legislation to roll back some tax cuts for those making over $1 million a year.
Opposed 2001 and 2003 tax cuts and opposed extending tax cuts through 2010. Would let some of the tax cuts for higher income households expire.
Would repeal tax breaks for wealthiest Americans. Opposed 2001 and 2003 tax cuts and opposed extension through 2010. Supports tax incentives for businesses that invest in employee health care, pensions and innovation.
Says Bush's tax policies increased the tax burden borne by the middle class. Supports eliminating tax cuts for oil companies and wealthiest Americans. Opposed 2001 and 2003 Bush tax cuts.
Favors a "fair tax" and eliminating the IRS and income taxes with a national sales tax.
