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Controversy over baselines started after EGTRRA and JGTRRA (collectively, the Bush tax cuts) were sunsetted.
(4) See more in: The Economic Growth and Tax Reform Reconciliation Act of 2001 (EGTRRA), The Job Creation and Workers Assistance Act of 2002 (JCWAA) and The Job and Growth Tax Relief and Reconciliation Act of 2003 (JGTRRA).
(This was modified in 2003 by the JGTRRA when Congress accelerated the timing of the child tax credit benefit increase, raising it to $1,000 per child in tax year 2003.) And second, the credit was made partially refundable, with the refundable portion termed the additional child tax credit.
The law permanently extended and in certain cases modified tax provisions originally included in EGTRRA and JGTRRA. Specifically, ATRA permanently extended the reduced tax rates on both ordinary income and capital gains and dividends for taxpayers with taxable income (15) below $400,000 ($450,000 for married taxpayers filing jointly).
(1) See Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
Two years later, a section 302 spending allocation of $350 billion, demanded by centrist legislators, would inspire congressional Republicans to sunset provisions in JGTRRA, thus enacting deeper tax cuts than would have been possible had the cuts been permanent.
See generally Top Federal Tax Issues for 2010, CPE COURSE 4.2 (CCH Editorial Staff Publication) (explaining that "EGTRRA [the Economic Growth and Tax Relief Reconciliation Act of 2001] should not be confused with JGTRRA, which is short for the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).
JGTRRA 2003 Jobs and Growth Tax Relief Reconciliation
The final rules reflect changes made to income tax rates, including the rates applicable to capital gains and certain dividends, by TRA 1997, IRSRRA 1998, and JGTRRA 2003.
The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) reduced the maximum tax rate on dividends from 39 percent to 15 percent for individuals.
In May 2003, as part of the Jobs and Growth Tax Relief and Reconciliation Act (JGTRRA 2003), Congress appropriated $20 billion in state fiscal relief, which was delivered via an "Enhanced FMAP" as well as general fiscal relief.
Tax cuts under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) decreased government revenues below the levels prevailing in the second half of the 1990s.
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