The Bush tax cuts of 2001, which had been extended for two years by the 2010 Tax Relief Act, were to expire on December 31,2012, and planned spending cuts under the Budget Control Act of 2011 also came into play.
The Bush tax cuts of 2001 were to expire on December 31,2012. The Bush tax cuts of 2001 had been extended for two years by the 2010 Tax Relief Act. Planned spending cuts under the Budget Control Act of 2011 also came into play.