What did the Tax Relief Act of 2001 do?
The Economic Growth and Tax Reconciliation Relief Act of 2001 (EGTRRA) was a sweeping U.S. tax reform package that lowered income tax brackets, put into place new limits on the estate tax, allowed for higher contributions into an IRA and created new employer-sponsored retirement plans.Click to see full answer. Simply so, how has the 2001…
The Economic Growth and Tax Reconciliation Relief Act of 2001 (EGTRRA) was a sweeping U.S. tax reform package that lowered income tax brackets, put into place new limits on the estate tax, allowed for higher contributions into an IRA and created new employer-sponsored retirement plans.Click to see full answer. Simply so, how has the 2001 Tax Relief Act helped college savings?The Economic Growth and Tax Relief Reconciliation Act of 2001 is an income tax cut enacted on June 7, 2001. The Bush administration designed the tax cuts to stimulate the economy and end the 2001 recession. Families would spend the extra money, increasing demand. Doubled the child tax credit from $500 to $1,000.Likewise, what did the tax reform in 2003 do? The Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) was a U.S. tax law Congress passed on May 23, 2003, which lowered the maximum individual income tax rate on corporate dividends to 15%. Just so, which of the following was a basic feature of the Tax Relief Act of 2001? Major features of the Act include a reduction in capital gains tax rates, expanded IRAs, education tax incentives, estate tax relief, and a child tax credit.What did the Bush tax cuts do to the economy?In 2001, President Bush proposed and signed the Economic Growth and Tax Relief Reconciliation Act. This legislation: Reduced tax rates for every American who pays income taxes, including creating a new 10 percent tax bracket. Doubled the child tax credit to $1,000 by 2010.
