By the way...
This is a list of the basic tax cut provisions. Please point out all the ones directed only to the rich and major corporations. I'm self-employed, and even I use accelerated depreciation.
I. ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT (Signed into law on June 7, 2001)
- Reduced tax rates, including a new 10 percent tax bracket, for every American who pays income taxes
- Increased the child tax credit to $1,000 by 2010
- Reduced the marriage penalty beginning in 2005
- Phased out the death tax
- Increased education tax benefits
II. JOB CREATION AND WORKER ASSISTANCE ACT (Signed into law on March 9, 2002)
- Provided 30-percent bonus depreciation for business investment in new equipment
- Provided emergency tax relief to New York and other areas affected by the terrorist attacks of September 11, 2001
III. JOBS AND GROWTH TAX RELIEF RECONCILIATION ACT (Signed into law on May 28, 2003)
- Accelerated income tax rate reductions effective January 1, 2003
- Expanded the 10 percent bracket effective January 1, 2003
- Increased the child credit to $1,000 effective January 1, 2003
- Reduced the marriage penalty effective January 1, 2003
- Quadrupled small business expensing from $25,000 to $100,000
- Increased bonus depreciation for businesses to 50 percent through 2004
- Reduced the top tax rate on dividends and capital gains to 15 percent
Note that the most aggressive cuts were only signed into law about 8 months ago.
