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Fiscal Implications of the 2001 and 2003 Bush Tax Cuts

Author

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  • Angyridis, Constantine
  • Jolly, Michael

Abstract

The paper analyzes the effects of the 2001 and 2003 Bush tax cuts. It is found that while the administration's short-term goals in stimulating countercyclical spending were achieved, the tax cuts were less effective in promoting the longer-term goal of promoting economic growth. It is also found that the tax cuts, in combination with increased expenditures, especially on defense, significantly increased the debt burden of the United States. Finally, it is shown that the two tax cuts were regressive, disproportionately benefitting households with high incomes.

Suggested Citation

  • Angyridis, Constantine & Jolly, Michael, 2010. "Fiscal Implications of the 2001 and 2003 Bush Tax Cuts," The Journal of Economic Asymmetries, Elsevier, vol. 7(1), pages 69-99.
    • Handle: RePEc:eee:joecas:v:7:y:2010:i:1:p:69-99
    DOI: 10.1016/j.jeca.2010.01.005
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    References listed on IDEAS

    as
    1. Elmendorf, Douglas W. & Furman, Jason & Gale, William G. & Harris, Benjamin H., 2008. "Distributional Effects of the 2001 and 2003 Tax Cuts: How Do Financing and Behavioral Responses Matter?," National Tax Journal, National Tax Association;National Tax Journal, vol. 61(3), pages 365-380, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    E62; E65; H20; Fiscal Policy; Tax Cuts; Income Distribution; Debt Burden;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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