Bush Signs EGTRRA Tax Cuts - Top Rate Reduced from 39.6% to 35%, Estate Tax Phased Out, Beginning $1.5 Trillion Debt Increase

On June 7, 2001, President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) into law, enacting the first wave of the ‘Bush tax cuts’ that would add approximately $1.5 trillion to the national debt over the 2002-2011 decade, excluding interest. The …