Just like when President Bill Clinton gave us a massive tax cut and created an economic boom.
Until the next 2 smirking chimp Presidents fucked it up.
https://en.wikipedia.org/wiki/Taxpay...ef_Act_of_1997
Quote:
The Taxpayer Relief Act of 1997 reduced several federal taxes in the United States.
Starting in 1998, a $400 tax credit for each child under age 17 was introduced, which was increased to $500 in 1999. This credit was phased out for high-income families.
The top marginal long term capital gains rate fell from 28% to 20%, subject to certain phase-in rules. The 15% bracket was lowered to 10%.
Roth IRAs were established, permanently exempting these retirement accounts from capital gains taxes.
The act permanently exempted from taxation the capital gains on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This exemption applies to residences the taxpayer(s) lived in for at least two years over the last five.
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