Wednesday, August 05, 2009

Republicans repeatedly used reconciliation to pass Bush tax cuts

GOP passed 2001 tax cuts through reconciliation. The Economic Growth and Tax Relief Reconciliation Act of 2001, which provided for tax cuts and prevented tax increases, was passed through the reconciliation process. The Congressional Budget Office (CBO) estimated that the bill, as cleared by Congress, would "reduce projected total surpluses by approximately $1.35 trillion over the 2001-2011 period."

GOP passed 2003 tax cuts through reconciliation. The Jobs and Growth Tax Relief Reconciliation Act of 2003, which accelerated previously enacted tax cuts and provided for additional tax reductions, was passed through the reconciliation process. The CBO estimated that the bill, as cleared by Congress, "would increase budget deficits ... by $349.7 billion over the 2003-2013 period.

GOP passed 2005 tax cuts through reconciliation. The Tax Increase Prevention Reconciliation Act of 2005, which prevented tax cuts from expiring and raised the Alternative Minimum Tax exemption, was passed through the reconciliation process. The CBO estimated that the bill, as cleared by Congress and signed by the president, would "reduce federal revenues ... by $69.1 billion over the 2006-2015 period."

No comments:

Post a Comment