Tax Policy Center.

Feb 28, InPresident George Bush authorized a tax cut called the Economic Growth and Tax Relief Reconciliation Act of (EGTRRA) to stimulate the economy during the recession that year. 2 3 The major provisions were to reduce marginal income tax rates and reduce and eventually repeal estate tax.

As a result, it saved taxpayers, but not equally.

The Center on Budget and Policy Priorities.

Oct 23, The largest benefits from the Bush tax cuts flowed to high-income taxpayers. From (the years for which comparable estimates are available), the top 1 percent of households received average tax cuts of more than 50, each year. On average, these households received a total tax cut of over, over this bushfalling.barted Reading Time: 11 mins. Aug 18, By Michael Porfido August 18, 33 Comments. The Democratic Party, led by President Obama, is making the argument that the Bush tax cuts of 20caused the recession of Some campaign talking points are “Driving us in a ditch We’ve tried their way and it didn’t work Tax cuts for the wealthy led to the recession Returning to the failed policies of the past”.Estimated Reading Time: 8 mins.

Feb 28, Share. PDF of this report (6pp.) Federal deficits and debt have been sharply higher under President Obama, but the evidence continues to show that the Great Recession, President Bush’s tax cuts, and the wars in Afghanistan and Iraq explain most of the deficits that have occurred on Obama’s watch - based on the latest Congressional Budget Office projections as well as legislation enacted Estimated Reading Time: 11 mins.

The Bush tax cuts included a number of temporary income tax relief measures enacted by President George W. Bush in and EGTRRAwas implemented to boost the economy during the.