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Major Policy Of The George W. Bush United States

1903 words - 8 pages

After this, Saddam Hussein’s statue would symbolically topple only six days later, on April 9, 2003, affirming the end of the dictator’s rule over Iraq. In due time, the official end to the regime also would come in April of 2003 when U.S. military forces and its allies would gain control of key areas of Iraq’s capitol after only days of fighting. Smiling and waving citizens greeted the troops in the streets, thanking the U.S. Government for liberating them from Hussein’s regime (Sastry and Wiersema).
On May 1, President Bush landed on the USS Abraham Lincoln, becoming the first president to land on an aircraft carrier. He declared the United States and its allies had prevailed, but the ...view middle of the document...

Looking back, economists would determine the bubble actually began with the Taxpayer Relief Act of 1997. Under the Act, the capital gains tax rates were cut while dividend tax rates remained unchanged. In doing so, investors were incentivized to treat the stocks differently, favoring the stocks paying low to no dividends over those paying significant amounts (Ironman). Therefore, in reducing the capital gains and dividend tax rates to 15 percent, the rates were once again set equal to each other (Dubay). After this corrected the market, the bubble ended in June of 2003 (Ironman).
Combining President Bush’s actions of 2001 with the Jobs and Growth Tax Relief Reconciliation Act, the Bush tax cuts took effect. These lowered the marginal tax rates across the board for taxpayers as well as creating ten new tax brackets. Additionally, the personal exemption phase-out (PEP) was eliminated for incomes over $150,000 a year, and the phase down itemization deductions (Pease) was terminated for those making over $100,000 per year. Equally important, the estate tax, also known as the death tax, was phased out, and the Bush tax cuts doubled the child tax credit from $500 to $1,000. Likewise, the 60-month rule was eliminated for students as well as many other effects taking place (Dubay).
Although a majority of Americans supported the tax cuts at the time (Jones, “Americans Warming”), Bush drew criticism in years to come after his decision to lower taxes. Critics argue that employment only grew at an average rate of 0.9 percent from November 2001 to September 2007. Additionally, they pointed to the statistic that salaries only grew at a rate of 1.8 percent in that same time period. Continuing, critics reasoned the deficit grew in part due to the tax cuts and were not worth the trade-off. Most notable though, Bruce Bartlett, a former Reagan economic advisor, also criticized the tax breaks by saying, “The Bush tax plan was a hodge-podge of tax gimmicks designed more to win the support of various voting blocs than stimulate growth” (Thoma).

Works Cited

"American President: A Reference Resource." American President: George W. Bush: Campaigns and Elections. University of Virginia, 2013. Web. 18 Apr. 2014. .
Associated Press. "Supreme Court Upholds Partial Birth Abortion Ban Act." Fox News. FOX News Network, 18 Apr. 2007. Web. 21 Apr. 2014. .
"Can Federal Involvement Help Struggling Schools?" Can Federal Involvement Help Struggling Schools? Ed. Heather M. Kiefer. GALLUP, 10 Sept. 2002. Web. 21 Apr. 2014. .
Davis, James F. "The Cause of the 2008 Financial Crisis." Accuracy In Media. Accuracy In Media, 14 Oct. 2008. Web. 23 Apr. 2014....

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