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Economic Growth And Tax Relief Reconciliation Act Of 2001
The Economic Growth and Tax Relief Reconciliation Act of 2001 was a major piece of tax legislation passed by the 107th United States Congress and signed by President George W. Bush. It is also known by its abbreviation EGTRRA (often pronounced "egg-tra" or "egg-terra"), and is often referred to as one of the two "Bush tax cuts". Bush had made tax cuts the centerpiece of his campaign in the 2000 presidential election, and he introduced a major tax cut proposal shortly after taking office. Though a handful of Democrats supported the bill, most support came from congressional Republicans. The bill was passed by Congress in May 2001, and signed into law by Bush on June 7, 2001. Due to the narrow Republican majority in the United States Senate, EGTRRA was passed using the reconciliation process, which bypasses the Senate filibuster. EGTRRA lowered federal income tax rates, reducing the top tax rate from 39.6 percent to 35 percent and reducing rates for several other tax brackets ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Thomas
William Marshall Thomas (born December 6, 1941) is an American politician. He was a California Republican Party, Republican member of the United States House of Representatives from 1979 to 2007, finishing his tenure representing California's 22nd congressional district and as the Chairman of the U.S. House Committee on Ways and Means, House Ways and Means Committee. Early life and family Thomas was born in Wallace, Idaho, moving with his parents to the Southern California area. He graduated from Garden Grove High School, attended Santa Ana College, earning an associate's degree before transferring to San Francisco State University, where he earned his bachelor's degree and master's degree in political science in 1963 and 1965, respectively. He became an instructor at Bakersfield College before running for and winning a seat in the California State Assembly in 1974. He won election to the House of Representatives in 1978, representing the California's 18th congressional district, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Taxpayer Relief Act Of 2012
The American Taxpayer Relief Act of 2012 (ATRA) was enacted and passed by the United States Congress on January 1, 2013, and was signed into law by US President Barack Obama the next day. ATRA gave permanence to the lower rates of much of the "Bush tax cuts". The Act centers on a partial resolution to the US fiscal cliff by addressing the expiration of certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (known together as the "Bush tax cuts"), which had been temporarily extended by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The Act also addressed the activation of the Budget Control Act of 2011's budget sequestration provisions. A compromise measure, the Act gives permanence to the lower rate of much of the Bush tax cuts, while retaining the higher tax rate at upper income levels that became effective on January 1 due to the expiration of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ben Cardin
Benjamin Louis Cardin (born October 5, 1943) is an American lawyer and politician serving as the senior United States senator from Maryland, a seat he has held since 2007. A member of the Democratic Party, he previously was the U.S. representative for from 1987 to 2007. Cardin served as a member of the Maryland House of Delegates from 1967 to 1987 and as Speaker of the Maryland House of Delegates from 1979 to 1987, the youngest person to hold the position in history. In his half-century career as an elected official, he has never lost an election. Cardin was elected as U.S. Senator to succeed Paul Sarbanes in 2006, defeating Republican Michael Steele, the Lieutenant Governor of Maryland, by a margin of 54% to 44%. He was reelected in 2012 taking 56% of the vote. He became Maryland's senior U.S. senator on January 3, 2017, upon Barbara Mikulski's retirement. Cardin won reelection to a third term in 2018, taking 65% of the vote. Early life and career Benjamin Louis Cardin was bor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rob Portman
Robert Jones Portman (born December 19, 1955) is an American attorney and politician serving as the Seniority in the United States Senate, junior United States Senate, United States senator from Ohio since 2011. A member of the Republican Party (United States), Republican Party, Portman was the 35th director of the Office of Management and Budget (OMB) from 2006 to 2007, the 14th United States trade representative from 2005 to 2006, and a United States House of Representatives, U.S. representative from 1993 to 2005, representing Ohio's 2nd congressional district, Ohio's 2nd district. In 1993, Portman won a special election to represent in the United States House of Representatives. He was reelected six times before resigning upon his appointment by President George W. Bush as the Office of the United States Trade Representative, U.S. trade representative in May 2005. As trade representative, Portman initiated trade agreements with other countries and pursued claims at the World ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retirement Plan
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standard Deduction
Under United States tax law, the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, but usually choose whichever results in the lesser amount of tax payable. The standard deduction is available to US citizens and aliens who are resident for tax purposes and who are individuals, married persons, and heads of household. The standard deduction is based on filing status and typically increases each year. It is not available to nonresident aliens residing in the United States (with few exceptions, for example, students from India on F1 visa status can use the standard deduction). Additional amounts are available for persons who are blind and/or are at least 65 years of age. The standard deduction is distinct from the personal exemption, which was eliminated by The Tax Cuts and Jobs Act of 2017 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdicti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PAYGO
PAYGO (Pay As You GO) is the practice in the United States of financing expenditures with funds that are currently available rather than borrowed. Budgeting The PAYGO compels new spending or tax changes not to add to the federal debt. Not to be confused with pay-as-you-go financing, which is when a government saves up money to fund a specific project. Under the PAYGO rules, a new proposal must either be "budget neutral" or offset with savings derived from existing funds. The goal of this is to require those in control of the budget to engage in the diligence of prioritizing expenses and exercising fiscal restraint. An important example of such a system is the use of PAYGO in both the statutes of the U.S. Government and the rules in the U.S. Congress. First enacted as part of the Budget Enforcement Act of 1990 (which was incorporated as Title XIII of the Omnibus Budget Reconciliation Act of 1990), PAYGO required all increases in direct spending or revenue decreases to be offset by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Budget Deficit
The government budget balance, also alternatively referred to as general government balance, public budget balance, or public fiscal balance, is the overall difference between government revenues and spending. A positive balance is called a ''government budget surplus'', and a negative balance is a ''government budget deficit''. A government budget is a financial statement presenting the government's proposed revenues and spending for a financial year. A budget is prepared for each level of government (from national to local) and takes into account public social security obligations. The government budget balance can be broken down into the ''primary balance'' and interest payments on accumulated government debt; the two together give the budget balance. Furthermore, the budget balance can be broken down into the ''structural balance'' (also known as ''cyclically-adjusted balance'') and the cyclical component: the structural budget balance attempts to adjust for the impact of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Congressional Budget And Impoundment Control Act Of 1974
The Congressional Budget and Impoundment Control Act of 1974 (, , ) is a United States federal law that governs the role of the Congress in the United States budget process. The Congressional budget process Titles I through IX of the law are also known as the Congressional Budget Act of 1974. Title II created the Congressional Budget Office. Title III governs the procedures by which Congress annually adopts a budget resolution, a concurrent resolution that is not signed by the President, which sets fiscal policy for the Congress. This budget resolution sets limits on revenues and spending that may be enforced in Congress through procedural objections called points of order. The budget resolution can also specify that a budget reconciliation bill be written, which the Congress will then consider under expedited procedures. Later amendments The act has been amended several times, including provisions in the Balanced Budget and Emergency Deficit Control Act of 1985, the Budget ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sunset Provision
In public policy, a sunset provision or sunset clause is a measure within a statute, regulation or other law that provides that the law shall cease to have effect after a specific date, unless further legislative action is taken to extend the law. Most laws do not have sunset clauses and therefore remain in force indefinitely, except under systems in which desuetude applies. Origin The roots of sunset provisions are laid in Roman law of the mandate but the first philosophical reference is traced in the laws of Plato. At the time of the Roman Republic, the empowerment of the Roman Senate to collect special taxes and to activate troops was limited in time and extent. Those empowerments ended before the expiration of an electoral office, such as the Proconsul. The rule ''Ad tempus concessa post tempus censetur denegata'' is translated as "what is admitted for a period will be refused after the period". The same rules were applied in the Roman emergency legislation. The fundamental ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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