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The bill stemmed from a budget proposal made by Clinton in February 1993; he sought a mix of tax increases and spending reductions that would cut the deficit in half by 1997. Though every congressional Republican voted against the bill, it passed by narrow margins in both the House of Representatives and the Senate. The act increased the top federal income tax rate from 31% to 39.6%, increased ...
The 1990 and 1993 budget acts increased ordinary tax rates but re-established a lower rate of 28% for long-term gains, though effective tax rates sometimes exceeded 28% because of other tax provisions. [11] The Taxpayer Relief Act of 1997 reduced capital gains tax rates to 10% and 20% and created the exclusion for one's primary residence. [11]
Between 2001 and 2003, the Bush administration instituted a federal tax cut for all taxpayers. Among other changes, the lowest income tax rate decreased from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%. [8]
The following is a partial list of films that lost the most money, based on documented losses or estimated by expert analysis of various financial factors such as the production budget, marketing and distribution costs, gross box-office receipts and other ancillary revenues. The list is limited to films that are potentially among the top one hundred box-office losses, adjusted for inflation ...
Bush initially sought a $1.6 trillion tax cut over a ten-year period, but ultimately settled for a $1.35 trillion tax cut. [3] The administration rejected the idea of "triggers" that would phase out the tax reductions should the government again run deficits. The Economic Growth and Tax Relief Reconciliation Act won the support of congressional Republicans and a minority of congressional ...
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President Clinton oversaw a healthy economy during his tenure. The U.S. had strong economic growth (around 4% annually) and record job creation (22.7 million). He raised taxes on higher income taxpayers early in his first term and cut defense spending and welfare, which contributed to a rise in revenue and decline in spending relative to the size of the economy. These factors helped bring the ...
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