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This assumes that consumers and businesses spend enough of the tax.

Feb 28, EGTRRA Income Tax Cut of InPresident George Bush authorized a tax cut called the Economic Growth and Tax Relief Reconciliation Act of (EGTRRA) to stimulate the economy during the recession that year.

The major provisions were to reduce marginal income tax rates and reduce and eventually repeal estate tax. Oct 23, The biggest tax policy changes enacted under President George W.

Bush were the 20tax cuts, often referred to as the “Bush tax cuts” but formally named the Economic Growth and Tax Relief Reconciliation Act of (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of (JGTRRA).

They operate under the belief that all tax cuts increase consumer spending enough to make up for the revenue loss.

High-income taxpayers benefitted most from these tax cuts, with the top 1 percent of households receiving an average tax cut Estimated Reading Time: 11 mins. Dec 02, In a rare Memorial Day session inthe Senate passed Bush'strillion tax-cut plan: lowering tax rates 3 to 5 percent in all income brackets, phasing out the estate tax, reducing the Estimated Reading Time: 5 mins. May 02, To understand the large impact atrillion tax cut would have on the federal deficit, it’s worth comparing it to the 20tax cuts passed during President George W.

Bush’s first term. The Bush tax cuts cost just overtrillion over ten years. Adjusting this number for changes in both inflation and the size of the economy since then, a comparable tax cut today would costtrillion. Equally important to the size of these tax.

The notion that tax cuts promote economic growth is rooted in supply-side economics, which posits that lower tax rates boost productivity, employment, and output.

You may ask, Why did Bush think the tax cuts would stimulate the economy? Bush believed that tax cuts would stimulate the economy, in Bush pushed a highly controversialtrillion tax cut through Congress.

Due to these tax cuts and a massive increase in military spending, the US saw large deficits during the Bush years.