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Congress passed the Bush tax cuts to fight the recession.

Nov 23, It applied a 35% tax rate to estates worth over 5 million for individuals. 1. But Obama also cut taxes in and In billion were cut as part of the American Recovery and Reinvestment Act. 2 InObama approved the permanent extension of the Bush tax cuts for those below a certain income treecutting.buzzted Reading Time: 8 mins.

Jan 02, On Jan. 1,Congress passed and Obama signed a law permanently extending the Bush-era rates on incomes below, for families and, for individuals. Dec 06, President Obama announced a broad"framework" with Republicans that would extend all Bush-era tax cuts for two years, keep the dividend and capital gains tax at 15 percent and temporarily cut Estimated Reading Time: 6 mins. On January 1,the Bush Tax Cuts expired.

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However, on January 2,President Obama signed the American Taxpayer Relief Act ofwhich reinstated many of the tax cuts, effective retroactively to January 1. The Act did not repeal the increase in the highest marginal income tax rate (from 35% to %) which had been imposed on. Jan 03, The American Taxpayer Relief Act of (ATRA)[1], which President Obama signed into law last night, makes permanent 82 percent of President Bush’s tax cuts.

The Joint Committee on Taxation (JCT) and Congressional Budget Office estimate that making permanent all of the Bush tax cuts would have costtrillion over [2]. Dec 07, Barack Obama is bowing to Republican demands to extend a deep tax cut for wealthier Americans, to the fury of some of the president's allies who say he has succumbed to"blackmail".