Changes

Upon gaining office in 2001, Bush signed into law a $1.35 trillion cut in [[taxation]] over 10 years. The plan included the objectives of doubling the child tax credit from $500 to $1,000, reducing the tax penalty on [[marriage|married couples]] and fully repealing the [[Estate tax|tax on estates]]. A [[United States Senate]] Finance Committee Report estimated that with all the planned reductions fully phased in, the average family of four making $50,000 would save $1,825 per year.<ref>[http://archives.cnn.com/2001/ALLPOLITICS/06/07/bush.taxes/ $1.35 trillion tax cut becomes law], CNN, 21 June 2001</ref>

Upon gaining office in 2001, Bush signed into law a $1.35 trillion cut in [[taxation]] over 10 years. The plan included the objectives of doubling the child tax credit from $500 to $1,000, reducing the tax penalty on [[marriage|married couples]] and fully repealing the [[Estate tax|tax on estates]]. A [[United States Senate]] Finance Committee Report estimated that with all the planned reductions fully phased in, the average family of four making $50,000 would save $1,825 per year.<ref>[http://archives.cnn.com/2001/ALLPOLITICS/06/07/bush.taxes/ $1.35 trillion tax cut becomes law], CNN, 21 June 2001</ref>

Since the tax cuts, [[IRS]] revenues increased from $1.78 trillion in 2003 to $2.56 trillion in 2007 with a 46.3% increase of individual income tax receipts. Surging $785 billion since the 2003 investment tax cuts, it is the largest four-year revenue increase in U.S. history<ref>http://online.wsj.com/article/SB119189497675953035.html?mod=googlenews_wsj</ref>

[[Image:20080919-2_p091908jb-0025-1-515h.jpg‎|Right|thumb|300px|President George W. Bush stands with Federal Reserve Chairman Ben Bernanke, left, SEC Chairman Chris Cox, right, and Treasury Secretary Hank Paulson as he delivers a statement on the economy Friday, Sept. 19, 2008, in the Rose Garden. White House photo by Joyce N. Boghosian]] Since the tax cuts, [[IRS]] revenues increased from $1.78 trillion in 2003 to $2.56 trillion in 2007 with a 46.3% increase of individual income tax receipts. Surging $785 billion since the 2003 investment tax cuts, it is the largest four-year revenue increase in U.S. history<ref>http://online.wsj.com/article/SB119189497675953035.html?mod=googlenews_wsj</ref>

During this same time period, spending mandated by Congress has also increased by more than 29 percent in inflation-adjusted dollars, representing an 11.4 percent increase in federal spending as a percentage of [[Gross domestic product|GDP]]. This spending has doubled the federal debt, increasing it from 58 to 66 percent of GDP. Defense spending increased 61 percent, and non-defense by 23 percent during the eight years since 2000.  The largest non-defense spending increase has been for federally-funded medical expenses, at 54 percent.<ref>[http://www.aier.org/research/commentaries/750-big-government-under-the-bush-administration Big Government Under The Bush Administration], AIER, 16 November 2008</ref> In total, Bush has increased government expenditures by the largest percentage of any president since [[Lyndon Johnson]].  However, this appears likely to be eclipsed by the spending plans of [[Barack Obama]], who pledged on 6 December 2008 to invest "record amounts of money" in infrastructure, a plan which some members of Congress are estimating at $400 to $700 billion.<ref>[http://www.nytimes.com/2008/12/07/us/politics/07radio.html?ref=us Obama Pledges Public Works on a Vast Scale], New York Times, 6 December 2008</ref>.

During this same time period, spending mandated by Congress has also increased by more than 29 percent in inflation-adjusted dollars, representing an 11.4 percent increase in federal spending as a percentage of [[Gross domestic product|GDP]]. This spending has doubled the federal debt, increasing it from 58 to 66 percent of GDP. Defense spending increased 61 percent, and non-defense by 23 percent during the eight years since 2000.  The largest non-defense spending increase has been for federally-funded medical expenses, at 54 percent.<ref>[http://www.aier.org/research/commentaries/750-big-government-under-the-bush-administration Big Government Under The Bush Administration], AIER, 16 November 2008</ref> In total, Bush has increased government expenditures by the largest percentage of any president since [[Lyndon Johnson]].  However, this appears likely to be eclipsed by the spending plans of [[Barack Obama]], who pledged on 6 December 2008 to invest "record amounts of money" in infrastructure, a plan which some members of Congress are estimating at $400 to $700 billion.<ref>[http://www.nytimes.com/2008/12/07/us/politics/07radio.html?ref=us Obama Pledges Public Works on a Vast Scale], New York Times, 6 December 2008</ref>.

Bush has presided over a period of general economic growth. This is partially due to changes in the stock market that lead to a record high in 2007, although the [[NASDAQ]] is still down considerably from the levels it was at before the Dot-com bubble burst. Corporations showed profits growing by double digits growth.<ref>http://www.usatoday.com/money/markets/us/2006-05-08-mart-usat_x.htm</ref> Even the working class benefited from the Bush economy, as unemployment hit an all time low in March 2007.<ref>http://news.yahoo.com/s/ap/economy</ref> Bush signed into law a minimum wage increase, one of the platforms for the Democrats in the 2006 Congressional elections, after the House and Senate included Bush's request of provisions for small-business tax breaks.<ref>http://www.washingtonpost.com/wp-dyn/content/article/2006/12/20/AR2006122001784.html</ref><ref>http://www.washingtonpost.com/wp-dyn/content/article/2007/01/10/AR2007011001666.html</ref> Tax policies have been favorable to reducing the [[Capital Gains Tax]], with a subsequent surge in investment.

Bush has presided over a period of general economic growth. This is partially due to changes in the stock market that lead to a record high in 2007, although the [[NASDAQ]] is still down considerably from the levels it was at before the Dot-com bubble burst. Corporations showed profits growing by double digits growth.<ref>http://www.usatoday.com/money/markets/us/2006-05-08-mart-usat_x.htm</ref> Even the working class benefited from the Bush economy, as unemployment hit an all time low in March 2007.<ref>http://news.yahoo.com/s/ap/economy</ref> Bush signed into law a minimum wage increase, one of the platforms for the Democrats in the 2006 Congressional elections, after the House and Senate included Bush's request of provisions for small-business tax breaks.<ref>http://www.washingtonpost.com/wp-dyn/content/article/2006/12/20/AR2006122001784.html</ref><ref>http://www.washingtonpost.com/wp-dyn/content/article/2007/01/10/AR2007011001666.html</ref> Tax policies have been favorable to reducing the [[Capital Gains Tax]], with a subsequent surge in investment.

 

===Involvement in the 2008 Presidential election===

===Involvement in the 2008 Presidential election===

In March 2008, Bush endorsed his one-time rival [[John McCain]] as the Republican candidate for President of the United States. However, due to the President's declining popularity in polls, McCain appeared to distance himself from Mr. Bush on the campaign trail. At the same time, [[Democratic]] candidiate [[Barack Obama]] tried to portray a McCain presidency as four more years of George W. Bush. The President spoke by videolink at the 2008 [[Republican National Convention]], while his wife Laura appeared on stage with McCain's wife [[Cindy McCain|Cindy]].

In March 2008, Bush endorsed his one-time rival [[John McCain]] as the Republican candidate for President of the United States. However, due to the President's declining popularity in polls, McCain appeared to distance himself from Mr. Bush on the campaign trail. At the same time, [[Democratic]] candidiate [[Barack Obama]] tried to portray a McCain presidency as four more years of George W. Bush. The President spoke by videolink at the 2008 [[Republican National Convention]], while his wife Laura appeared on stage with McCain's wife [[Cindy McCain|Cindy]].