In 2003, President Bush authorized the Jobs and Growth Tax Relief Reconciliation Act. It reduced tax rates on long-term capital gains and dividends to 15%. It increased tax deductions for small businesses.
The tax policy changes that were brought under President W. Bush from 2001 to 2003 were known as Bush Tax cuts. They were formally called as the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) and Economic Growth and Tax Relief Reconciliation Act of 2003 (EGTRAA) .The tax cuts were most beneficial for High income taxpayers. Various evidences about tax cuts suggest that they didn't improve the economic growth instead increased the deficits and debts. They also increased income inequality.
