What Effects Would the Expiration of the 2001 and 2003 Tax Cuts Have on the Economy?
Description
In 2001 and 2003, Congress enacted major tax cuts (popularly referred to as the "Bush tax cuts"), the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. Congress is currently debating whether to extend some or all of these tax cuts that are scheduled to expire at the end of 2010. This report discusses the two main economic arguments against allowing the tax cuts to expire as scheduled, using historical evidence and by examining the current economic environment.
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Description
In 2001 and 2003, Congress enacted major tax cuts (popularly referred to as the "Bush tax cuts"), the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. Congress is currently debating whether to extend some or all of these tax cuts that are scheduled to expire at the end of 2010. This report discusses the two main economic arguments against allowing the tax cuts to expire as scheduled, using historical evidence and by examining the current economic environment.
This report is part of the following collection of related materials.
Congressional Research Service Reports
The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1960's through 2018—covering a variety of topics from agriculture to foreign policy to welfare.
Labonte, Marc.What Effects Would the Expiration of the 2001 and 2003 Tax Cuts Have on the Economy?,
report,
October 5, 2010;
Washington D.C..
(https://digital.library.unt.edu/ark:/67531/metadc31383/:
accessed May 27, 2023),
University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu;
crediting UNT Libraries Government Documents Department.