Tax cut time bomb

President George W. Bush and Congress planted a time bomb in the federal budget, and they're about to light the fuse. The largest parts of the tax cuts passed in 2001 and 2003 didn't activate immediately, but were designed to kick in later this decade. If they go forward, the cuts will lik...

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Bibliographic Details
Published inDollars & Sense no. 252; p. 39
Main Author Scharf, Adria
Format Newsletter Magazine Article
LanguageEnglish
Published Somerville Economic Affairs Bureau 01.03.2004
Subjects
Bush, George W
Economic policy
Federal budget
Income taxes
Social security
Tax cuts
Tax law
Tax policy
Tax rates
Taxation
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Summary:President George W. Bush and Congress planted a time bomb in the federal budget, and they're about to light the fuse. The largest parts of the tax cuts passed in 2001 and 2003 didn't activate immediately, but were designed to kick in later this decade. If they go forward, the cuts will likely cripple or destroy the social programs that form the cornerstone of the federal welfare state. Even worse, the Bush administration is now pushing to make permanent virtually all of the 2001 and 2003 tax cuts, which were originally set to expire by 2010.
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ISSN:0012-5245