Bush Tax Cut Bill. Under this measure (H.R. 3), the number of tax brackets would be ratcheted down from five to four, resulting in tax brackets of 10 percent, 15 percent, 25 percent, and 33 percent. The legislation, part of President Bush’s tax cut plan, would cut taxes by $947.4 billion over fiscal years 2001-11. The income tax cut would gradually reduce all income tax brackets over the 2001-11 period, and a rate reduction for the lowest bracket would be retroactive to the beginning of the 2001 calendar year.
The House passed H.R. 3 on March 8, 2001 by a vote of 230-198 (Roll Call 45). We have assigned pluses to the yeas.
