tax cut

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  • noun

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the act of reducing taxation

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Businesses pay more than $9 billion in franchise taxes every biennium, nearly double the size of the tax cut proposals that have been offered by either chamber.
WASHINGTON, July 24, 2012 /PRNewswire-USNewswire/ -- Americans for Tax Fairness today sent a letter from 125 national advocacy, aging, children's, faith, labor, small business, and tax policy groups urging Congress to end the Bush tax cuts for the richest 2 percent of Americans (households with incomes over $250,000 a year).
In comparison, the wealthiest Americans are more likely to save the money they would receive from the tax cut extension.
They actually began before Obama took office, with the tax cut passed under the George W.
He said the president "should have fought harder" to scale back the tax cuts for the wealthiest, cutting off tax cut extensions for those making more than $500,000 or even a higher income level, rather than conceding to tax cuts for all extremely high earners.
McCain's votes against the Bush tax cuts, in 2001 and 2003.
Almost all of the Democrats elected in 2006 talked much more about the Bush tax cuts they would vote to extend than those they would allow to expire, and when they did talk about allowing any of them to expire in 2010, it was always with a caveat such as "only for the top 1 percent," or "only for those with incomes over $300,000.
Bonus depreciation is a simple tax cut, benefits economic growth, and has historically had bipartisan support.
With lawmakers scraping for dollars in the wake of an economic recession and state budget shortfall, any tax cut that takes immediate effect would come at the direct expense of public schools, health care for the poor, senior services or other state tax-funded programs.
NOL carryforwards: The dividend tax cut has further lowered the effective tax rates for 2003 and beyond.
Frank had Greenspan on the ropes and flustered last February, as he tried to trap the Fed chairman into repeating his concern that the country couldn't afford President Bush's new tax cut plan because of the soaring budget deficit.
Ninety-one million taxpayers will receive, on average, a tax cut of $1,126," he said.
With that kind of money from the president's budget being diverted to just one tax cut proposal, clearly the programs in those departments are not a high priority.
Two years ago Lincoln sided with the president on his first $1 trillion tax cut, which, combined with the war and recession, helped create the current large deficit.
The House and Senate 2004 Budget Resolution conference committee has been unable to reach agreement on the size of the tax cut that can be protected under reconciliation in the Senate from filibuster, so the conferees have decided to try an unprecedented new approach to finalize the budget resolution before they leave for Easter recess.