CRP Blog

Saturday, March 1, 2008

Republicans Effective in Stopping Democrat Tax Hikes

The last time the federal government raised taxes on us was the big Clinton tax hike of 1993.

In response to that tax increase, Americans rebelled against Bill Clinton and the Democrats, and gave Republicans control of Congress. Since 1994, Republicans have held either one chamber in Congress, or the Presidency, or both. As a result, we have seen no net federal tax increases since 1993.

Instead, President Bush has cut taxes 15 times in eight years. Here are each of the President's tax cuts, and the year they were enacted:


What: H.R. 1836, The "Economic Growth And Tax Relief Reconciliation Act Of 2001" When: Signed into law June 7, 2001

Effects: Cut marginal income tax rates, created a new 10% bracket, provided marriage penalty relief, put death tax on path to extinction, repealed pease and pep, increased the child tax credit, increased contribution and deferral limits on IRAs, and created the saver’s credit.


What: H.R. 3090 The "Job Creation And Worker Assistance Act Of 2002" When: Signed into law March 9, 2002.

Effects: Bonus depreciation; temporary extension of net operating loss carry-back period; created NY Liberty Zone tax provisions.

What: H.R. 3009 The "Trade Act Of 2002" When: Signed into law August 6, 2002.

Effects: 65% refundable tax credit for purchase of health insurance coverage by certain taxpayers eligible for Trade adjustment assistance.


What: H.R. 2, The "Jobs And Growth Tax Relief Reconciliation Act Of 2003" When: Signed into law May 28, 2003.

Effects: Accelerated 2001 rate cuts, reduced rate applied to dividend income and capital gains, extended and expanded bonus depreciation, increased 179 small business expensing.

What: H.R. 1, The "Medicare Prescription Drug, Improvement, And Modernization Act Of 2003"

When: December 8, 2003

Effects: Created tax-preferred Health Savings Accounts.


What: H.R. 1308, The "Working Families Tax Relief Act Of 2004" When: Signed into law October 4, 2004

Effects: Extended research and experimentation (R&E) tax credit, $1,000 child credit, marriage tax relief, the 10% bracket to 12/31/2010 and AMT relief through 12/31/2005.

What: H.R. 4520, The "American Jobs Creation Act Of 2004" When: Signed into law October 22, 2004

Effects: Extended 179 small business expensing, created an itemized deduction for

State and local sales taxes in lieu of State and local income taxes.


What: H.R. 6, The "Energy Tax Incentives Act Of 2005" When: Signed into law August 8, 2005

Effects: Reduced taxes on consumers who purchase certain energy-efficient cars, on producers of energy from renewable energy sources and on investment in new energy infrastructure."

What: H.R. 4440, The "Gulf Opportunity Zone Act of 2005" When: Signed into law December 21, 2005

Effects: Provided 50 percent bonus depreciation, doubled small business expensing, and extended net operating loss carry-back period for businesses in the Katrina- affected region.


What: H.R. 4297, The "Tax Increase Prevention And Reconciliation Act Of 2005" When: Signed into law May 17, 2006

Effects: Extended reduction in rate applied to dividend income and capital gains, extended 179 small business expensing, extended AMT relief through 12/31/2006.

What: Treasury Announces End to Long-Distance Telephone Excise Tax When: May 25, 2006

Effects: Beginning in 2007, the Internal Revenue Service (IRS) will issue refunds of tax on long-distance service for the past three years.

What: H.R. 4, The "Pension Protection Act Of 2006" When: August 17, 2006

Effects: Made IRA provisions from the 2001 Act permanent, indexed IRA contribution limits to inflation, permanently extended the saver’s credit, permanently extended 529 college savings provisions.

What: H.R. 6111, The "Tax Relief And Health Care Act Of 2006" When: Signed into law December 20, 2006

Effects: Extended the R&E tax credit, extended state and local tax deduction, and enhanced HSAs by raising contribution limits, allowing one-time transfers, and making the accounts more flexible by allowing people to contribute to the annual limit irrespective of their plan’s deductible.


What: H.R. 3996, The "Tax Increase Prevention Act of 2007" When: Signed into law December 26, 2007

Effects: Extended AMT relief through 12/31/2007.


What: H.R. 5140, The Economic Stimulus Act of 2008 When: Signed into law December 26, 2007

Effects: Provides over $115 billion in rebate checks to over 128 million households, 50% bonus depreciation for 2008, and temporarily increases Section 179 to $250,000. (Okay, only the 50% expensing part of this was really tax cut.)

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