What were the goals and impact of the Bush Administration's economic policies?

Question

Jermaine Rosario

History

3 August, 08:08

What were the goals and impact of the Bush Administration's economic policies?

+1

Answers (1)

Know the Answer?

Monserrat · Answer 1

income tax cuts in 2001

Explanation:

Bush administration was characterized by significant income tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for two wars, a housing bubble that contributed to the subprime mortgage crisis of 2007-2008, and the Great Recession that followed.

In 2001, President Bush proposed and signed the Economic Growth and Tax Relief Reconciliation Act. This legislation: Reduced tax rates for every American who pays income taxes, including creating a new 10 percent tax bracket. Doubled the child tax credit to $1,000 by 2010.

Congress enacted major tax cuts in 2001, 2002, and 2003. The acts reduced marginal income tax rates; reduced taxes on married couples, dividends, capital gains, and on estates and gifts; increased the child tax credit; and accelerated depreciation for business investment.