BUSH TAX CUTS

Series of temporary income tax relief measures which lowered federal income tax rates, marriage penalty, capital gains taxes, and dividend income, as well as increased the child tax credit from $500 to $1,000 per child. Passed during the presidency of George W. Bush in 2001 and 2003, it also removed phaseout on personal exemptions from higher-income taxpayers, estate tax, and itemized deductions.