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lawhawk12/20/2012 10:30:42 am PST

re: #558 sattv4u2

There are two major tax acts.

The 2001 EGTRRA and 2003 JGTRRA. The 2003 Act, which was enacted after the Iraq war started, modifies provisions of the 2001 Act, including expanding certain provisions, accelerating tax cuts, and other modifications.

It’s correct to say that the 2001 cuts were enacted before the wars in Afghanistan and Iraq, but the 2003 tax act was enacted after both wars were underway. It was done with the belief that the economy would pick up and revenues would stabilize all while spending would accelerate due to the increased costs of fighting the wars and homeland security spending. That wasn’t the case.