Additional Bush Tax Cuts that reduced tax rates on dividends and capital gains, expanded deduction for small businesses, additional tax breaks for specific industries and activities.
Significance
- Further expanded tax cuts from EGTRRA, aimed at encouraging investment and job creation. Further increased budget deficit and debate exists on effectiveness in stimulating growth.
- Reduced Dividend and Capital Gains Taxes
- Expanded Small Business Deduction
- Additional tax breaks for specific industries and activities, such as manufacturing, research and development, and alternative energy.
- EGTRRA Tax Cuts were accelerated, bringing forward tax cuts scheduled for later years.
- Increased Deficit
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