In 2001, Congress passed the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and President George W. Bush signed it on June 7. In addition to significant cuts in income tax rates, the EGTRRA provided for one-time tax rebate checks of $300 and $600, with payments roughly totaling $38 billion. Economists found later that about two-thirds of the tax rebates were spent. According to the simple tax multiplier, what is the impact of the 2001 tax rebates on GDP? In 2001, Congress passed the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and President George W. Bush signed it on June 7. In addition to significant cuts in income tax rates, the EGTRRA provided for one-time tax rebate checks of $300 and $600, with payments roughly totaling $38 billion. Economists found later that about two-thirds of the tax rebates were spent. According to the simple tax multiplier, what is the impact of the 2001 tax rebates on GDP? GDP increased by $25.5 billion. GDP increased by $76 billion. GDP increased by $114 billion. GDP decreased by $114 billion