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1 William Ahern, Comparing the Kennedy, Reagan and Bush Tax Cuts 1 (2004)

handle is hein.taxfoundation/ffbfxz0001 and id is 1 raw text is: FOUNDATION August 24, 2004 Comparing the Kennedy, Reagan and Bush Tax Cuts by William Ahern Fiscal Fact No. 15 How big were the Bush tax cuts? According to the Treasury Department*, there have been 19 significant federal tax cuts since the end of World War II. Three of them have been passed under the Administration of George W. Bush-the Economic Growth and Tax Reform Reconciliation Act of 2001 (EGTRRA), the Job Creation and Workers Assistance Act of 2002 (JCWA), and The Jobs and Growth Tax Relief and Reconciliation Act of 2003 (JGTRRA). Some taxpayers and policymakers have questioned the size of the Bush tax cut, considering the war costs and projected deficits. The table below compares the 2003 tax cut with Bush's 2001 and 2002 tax cuts, and with the two largest tax cuts in the post-WW II era-the Kennedy tax cut in 1964, and the Reagan tax cut in 1981: Table 1. Kennedy, Reagan, and Bush Tax Cuts in Historical Perspective Tax Legislation The Kennedy Tax Cut (Revenue Act of 1964) The Reagan Tax Cut (Economic Recovery Tax Act of 1981) Bush Tax Cuts: Economic Growth and Tax Reform Reconciliation Act of 2001 Job Creation and Worker Assistance Act of 2002 Jobs and Growth Tax Relief and Reconciliation Act of 2003 2001, 2002 and 2003 Bush Tax Cuts if Combined in 2003 Tax Cut in Billions of Current Dollars (a) ($11.50) Tax Cut in Billions of Constant 2003 Dollars ($54.90) ($38.30) ($68.70) ($73.80) ($75.80) ($51.20) ($52.00) ($60.80) ($60.80) NA ($188.10) Tax Cut as a Percent of National Income (b) -1.90% Surplus or Deficit (-) as a Percentage of National Income (b) -1.00% -1.40% -0.80% -0.60% -0.60% -2.00% -2.80% 1.50% -1.70% -3.20% * * Tempalski, Jerry, Revenue Effects of Major Tax Bills, Office of Tax Analysis Working Paper 81, December 1998.