 The "Bush Tax Cuts," which are the popularly known names of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 passed during President George W. Bush's first term, reduced the top marginal income tax rate from 38.6% (annual income at $382,967+ adjusted for inflation) to 35%.These rates were continued under the Obama Administration and will extend through 2013.The number of income tax brackets declined during this time period as well but several years, particularly after 1992, saw an increase in the number of income tax brackets.