The Pros And Cons Of The Bush Tax Cut
Nicholas Husni
The pros and cons of the Bush Tax Cut
Outline
Intro:
Introducing the topic and explaining it.
Main Body 1:
Discussing different pros of the Bush Tax Cut.
Highlighting key positive differences that came from the Bush Tax Cut.
Main Body 2:
Discussing different cons of the Bush Tax Cut.
Highlighting key negatives that came from the Bush Tax Cut.
Conclusion:
Discussion of the results of the legislation then and now.
Several momentary income tax relief methods set by former President George W. Bush in 2001 and 2003. They brought down federal income tax rates for everyone, decreased the marriage penalty, lowered capital gains taxes, lowered the tax rate on dividend income, increased …show more content…
Tax Policy Center approximations for the years 2004 to 2012 provide us a nous of the growing effect of these tax cuts. The average tax cut for people earning over $1 million got was more than $110,000 every year over the past nine years resulting in more than $1 million in that time.The tax cuts made the tax system less progressive. In all the nine years from 2004 through 2012, the tax cuts raised the after-tax profits of the greatest income taxpayers much more than those of middle and low income taxpayers. For example, in 2010, when the Bush income and estate tax cuts were completely set in, they raised the after-tax income of individuals earning more than $1 million by over 7.3 percent, but raised the after-tax income of the middle 20 percent of households by 2.8 percent. The Bush tax cuts aimed stunning tax aids to high-income families for the past nine years. If added up, the typical tax cuts that homes with earnings between $200,000 and $500,000 got over the last nine years, the overall is over $74,000. Adding up the usual yearly tax cuts …show more content…
The regular tax cut they got exceeded $110,000 every year for the past nine years. Since specific taxpayers’ profits change every year, taxpayers with earnings of more than $1 million in a year may not make that same amount the next. So in any given year, no families will possess the exact profit and tax liability of the average family no matter what profit group they are in, however these numbers lighten the ideas echoed in the Bush tax cuts during a time where profit disparity has already developed distinctly and the country battles unmaintainable economical shortages after the economy recuperates.
The TPC approximations reflect that every year from 2004 to 2012, the Bush tax cuts improved the after-tax profits of high-income homes more than they did for low-income homes. For example, in 2010, the year all the Bush estate, and income tax cuts were completely put in, the tax cuts increased the normal after-tax profits of the best 1 percent of families by 6.7 percent, or
$66,618. It increased the normal after-tax profit of the top 20 percent of homes by 4.6 percent or
$7,860, but increased the normal after-tax profit of the middle 20 percent of homes by
The pros and cons of the Bush Tax Cut
Outline
Intro:
Introducing the topic and explaining it.
Main Body 1:
Discussing different pros of the Bush Tax Cut.
Highlighting key positive differences that came from the Bush Tax Cut.
Main Body 2:
Discussing different cons of the Bush Tax Cut.
Highlighting key negatives that came from the Bush Tax Cut.
Conclusion:
Discussion of the results of the legislation then and now.
Several momentary income tax relief methods set by former President George W. Bush in 2001 and 2003. They brought down federal income tax rates for everyone, decreased the marriage penalty, lowered capital gains taxes, lowered the tax rate on dividend income, increased …show more content…
Tax Policy Center approximations for the years 2004 to 2012 provide us a nous of the growing effect of these tax cuts. The average tax cut for people earning over $1 million got was more than $110,000 every year over the past nine years resulting in more than $1 million in that time.The tax cuts made the tax system less progressive. In all the nine years from 2004 through 2012, the tax cuts raised the after-tax profits of the greatest income taxpayers much more than those of middle and low income taxpayers. For example, in 2010, when the Bush income and estate tax cuts were completely set in, they raised the after-tax income of individuals earning more than $1 million by over 7.3 percent, but raised the after-tax income of the middle 20 percent of households by 2.8 percent. The Bush tax cuts aimed stunning tax aids to high-income families for the past nine years. If added up, the typical tax cuts that homes with earnings between $200,000 and $500,000 got over the last nine years, the overall is over $74,000. Adding up the usual yearly tax cuts …show more content…
The regular tax cut they got exceeded $110,000 every year for the past nine years. Since specific taxpayers’ profits change every year, taxpayers with earnings of more than $1 million in a year may not make that same amount the next. So in any given year, no families will possess the exact profit and tax liability of the average family no matter what profit group they are in, however these numbers lighten the ideas echoed in the Bush tax cuts during a time where profit disparity has already developed distinctly and the country battles unmaintainable economical shortages after the economy recuperates.
The TPC approximations reflect that every year from 2004 to 2012, the Bush tax cuts improved the after-tax profits of high-income homes more than they did for low-income homes. For example, in 2010, the year all the Bush estate, and income tax cuts were completely put in, the tax cuts increased the normal after-tax profits of the best 1 percent of families by 6.7 percent, or
$66,618. It increased the normal after-tax profit of the top 20 percent of homes by 4.6 percent or
$7,860, but increased the normal after-tax profit of the middle 20 percent of homes by