1.1: Bush Tax Cuts
Allow the Bush tax cuts to expire for some or all individual taxpayers. Other Information:
The Economic Growth and Tax Relief Reconciliation Act of 2001 and the Job Growth and Tax Relief Reconciliation Act of 2003
(commonly known as the Bush tax cuts) were enacted during a time when the government had a budget surplus, and the surpluses
were projected to continue for the foreseeable future. The Bush tax cuts are scheduled to expire at the end of 2010.Extending
all of the tax cuts will be very costly; the lost revenue would add $3.7 trillion to the deficit over the next 10 years, according
to the Tax Policy Center. Policy makers must decide on a course of action on the Bush tax cuts. They could allow the tax cuts
to expire for all taxpayers; allow the tax cuts to expire just for high-income taxpayers (individuals earning more than $200,000
and households earning more than $250,000); or extend the tax cuts for everyone. They could also extend some or all of the
tax cuts for a limited time period instead of making the cuts permanent.
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