May 29, 2008
Happy Birthday, Bush Tax Cuts
The Treasury Department yesterday released two reports to mark the five-year anniversary of the 2003 Bush tax cuts:
- Recent Trends in Federal Tax Receipts as a Percentage of GDP
- Who Pays Most Individual Income Taxes?
- Income Mobility
- How Has the President’s Tax Relief Reduced the Marriage Penalty?
- Effect of Lowering the Top Individual Tax Rates on Flow-through Businesses
- Encouraging Investment
- How Might Taxpayers Respond to Higher Tax Rates?
The tax relief enacted during the President’s term in office, principally in the Economic Growth and Tax Relief Reconciliation Act of 2001, the Jobs and Growth Tax Relief Reconciliation Act of 2003, the Working Families Tax Relief Act of 2004, the American Jobs Creation Act of 2004, the Tax Increase Prevention and Reconciliation Act of 2005, and the Economic Stimulus Act of 2008, reduced taxes for everyone who pays income taxes as well as for business taxpayers. This document provides estimates of the aggregate tax reduction provided by the tax relief as well as estimates of the tax reduction received by representative taxpayers over the period 2001 through 2011.
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The most common form of tax relief is known as withholding the tax, or personal tax allowance, which is a percentage of the taxpayer's salary withheld by the company that employs them. This amount is collected once or twice a month throughout the year and is used to pay off the employee's income tax at tax time, either fully or partially.
Posted by: deepak taxes relief | Jul 28, 2008 2:09:29 AM