Oct 25, 2024
The US National Debt balloons to over $35 Trillion dollars exceeding 100% of GDP and peaking at the highest levels since World War II following Great Recession and COVID bailouts, and period of high deficit level spending.
Significance:
- Interest on Debt exceeds $1 Trillion dollars alone
- Interest payments exceed cost of US Military, move into 3rd largest budget expense
- Period marked by High Inflation
- Looming decisions on higher deficits, more taxes, lower spending, or higher inflation
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Feb 15, 2024
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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Feb 15, 2024
Post 9/11 stimulus package, reduced top marginal income tax rate, lowered income tax rates for all brackets, increased child tax credit, reduced marriage penalty, phased out estate tax (later expired).
Significance
- Largest tax cut in US history at the time, aimed at stimulating economy post-9/11.
- Increased budget deficit
- Cut Tax rates across all brackets
- Reduced Estate, and Capital Gains Taxes
- Increased deduction for Married filers, and Increased Child and Earned Income Credits
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Feb 15, 2024
Major overhaul of the federal tax code, reducing individual and corporate income tax rates and simplifying the system.
Significance
- Major reductions in individual and corporate tax rates
- $10,000 cap on State and Local Tax deductions (SALT)
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Feb 15, 2024
Increased income tax rates for high earners under President Clinton, aiming to reduce the budget deficit.
Significance
- Marked a reversal of the Reagan tax cuts and reignited discussions on progressive taxation and income inequality.
- Increases in top Income tax rate raised from 31% to 39.6%, Corporate taxes, and Fuel taxes
- Spending cuts in Discretionary and Entitlement Reform, Reduction in Deficit
- Lowered Capital Gains rate from 28% to 20% for Long Term assets
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