The last year the United States had a budget surplus was 2001. The $128.2 billion surplus came during President George W. Bush’s administration with a split Congress, with Republicans controlling the House and Democrats narrowly controlling the Senate. That year, Congress passed one of two major tax cuts during the Bush administration, the Economic Growth and Tax Reconciliation Relief Act of 2001. The sweeping package lowered income tax brackets, enacted new limits on the estate tax, allowed for higher IRA contributions and created new employer-sponsored retirement plans.
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