Obama's alternative to repeal of Bush tax cuts Nov 12 By Mark R. Warner, The Financial Times. When the US Congress returns next week it must decide what to do about the Bush administration’s tax cuts, due to expire in December. Against the backdrop of a frustratingly weak recovery, and amid justifiable concerns about a ballooning. The phrase Bush tax cuts refers to changes to the United States tax code passed originally during the presidency of George W. Bush and extended during the presidency of Barack Obama, through: Economic Growth and Tax Relief Reconciliation Act of Jobs and Growth Tax Relief Reconciliation Act of Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of American Taxpayer Relief Act of While each act has its own legislative history and effect on the tax.
Tax cuts passed under President George W. Bush cut that rate to 35 percent. Battling with Republicans in Congress inObama relented and agreed to a two-year extension of everyone's rates. The tax cut package angered liberals in the president's party due to the extension of the Bush-era tax cuts for the roughly two percent of highest-earning Americans, which comes at a cost ofEstimated Reading Time: 5 mins.
Going against his campaign promises to let them expire, President Obama agrees to extend Bush-era tax cuts. President Obama is pushing for a one-year extension of Bush-era tax cuts for middle class families. But by drawing the line at households that make more than, a year, he set the stage for. Sounding every bit like the candidate he is, President Barack Obama called Monday for a one-year extension of Bush-era tax cuts on annual income up to, while letting those that chiefly benefit the very wealthy expire on schedule at year's end.
Can obama repeal bush tax cuts? Wiki User. ∙ Best Answer. But it should be noted that President Obama wants to keep some of the Bush tax cuts-- for the middle class.