We Are America’s Voters
On Dec. 31, 2010, the historic Bush tax cuts of 2001 and 2003 will automatically expire if Congress does not act; assuring almost every working American will be hit with a massive, across-the-board tax increase. Worse yet, many economists believe allowing the Bush tax cuts to expire will be devastating to the economy. “When we pass the tax boundary of Jan. 1, 2011, my best guess is that the train goes off the tracks and we get our worst nightmare of a severe ‘double dip’ recession,” wrote economist Art Laffer in a Wall Street Journal column on June 6, 2010. Known on Capitol Hill as the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003, these two historic tax cuts pulled the U.S. economy out of the throws of recession following the “dot-com bust” of the late ’90s and the post-9/11 shock to the U.S. economy. The 2001 tax cuts, the largest since 1981, reduced individual income tax rates from 15, 28, 31, 36, and 39.6 percent to 10, 15, 25, 28, 33, and 35 percent. It also included a phased-in reduction in estate taxes, otherwise known as the “death tax,” with a full repeal in 2010.
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Sign Fred Thompson's Petition to Renew the Bush Tax Cuts Click Here Now
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