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Archived from the original on July 12,

Jan 29, Myth #2: The Bush tax cuts substantially reduced revenues and expanded the budget deficit. Fact: Nearly all of the budget deficit. Jan 20, The national debt, which exceeds 18 trillion, is the net of annual deficits minus any annual surpluses.

To back up his claim, Obama is comparing his first budget year in office -- Oct 23, 33%. Above, %. 35%.

Center on Budget and Policy Priorities.

a Based on tax brackets for a married couple inrounded to the nearest 1, The 20tax cuts also phased out the estate tax, repealing it entirely in In addition, the tax cuts included three components that are often referred to as “middle-class” tax bushremove.buzzted Reading Time: 11 mins.

Jan 24, The Bush tax cuts (along with some Obama tax cuts) were responsible for just 24 percent. The New York Times stated in an editorial that the full Bush-era tax cuts were the single biggest contributor to the deficit over the past decade, reducing revenues by Estimated Reading Time: 12 mins.

4. The Bush tax cuts are the main cause of the budget deficit. Although the cuts were large and drove revenue down sharply, they are not the main cause of the sizable deficit that exists today. Inwell after the tax cuts took effect, the budget deficit stood at percent of GDP. Byit had increased to percent of the economy. Feb 28, The Bush tax cuts were two tax code changes that President George W.

Bush authorized during his first term. Congress enacted tax cuts to families in and investors in They were supposed to expire at the end of Instead, Congress extended them for two more years, and many of the tax provisions remain in effect- and continue to affect the economy- to this day.

July 30,

Feb 03, The appropriations bills for fiscal years through were signed by Bill Clinton’s predecessor, George H.W. Bush. Fiscal is the first for which President George W. Bush signed the. Oct 20, He has cut the deficit by two-thirds. First, the debt. Total federal debt hasn’t quite yet reached 20 trillion, and it hasn’t doubled.

It was just undertrillion as of Oct. That is.