1、Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20819Updated June 21, 2001President Bushs Tax Proposal: A Brief OverviewDavid L. BrumbaughSpecialist in Public FinanceGovernment and Finance DivisionSummaryOn February 8, 2001, Presi
2、dent Bush sent to Congress the outlines of a proposalto cut taxes by an estimated $1.6 trillion over 10 years. Additional details of the planwere included in budget documents the Administration released on April 9. The plan issimilar in its essentials to a proposal then-Governor Bush made during the
3、 presidentialcampaign. Its principal components are: a reduction in marginal individual income taxrates; an increased child tax credit; a tax cut for married couples; elimination of the estateand gift tax; a permanent research and experimentation tax credit; a charitablecontribution deduction for no
4、n-itemizers; and several tax benefits for health care andeducation. Tax cuts similar to the Presidents have been considered by Congress overthe past several years, but were not enacted, in part because of opposition by the ClintonAdministration. In March 2001, specific tax cut legislation along the
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