TeachMeFinance.com - explain Economic Growth and Tax Relief Reconciliation Act of 2001 (Public Law 107-16)
Economic Growth and Tax Relief Reconciliation Act of 2001 (Public Law 107-16): Referred to in CBO reports as EGTRRA, it was signed into
law on June 7, 2001. The law significantly reduces tax liabilities (the
amount of tax owed) over the 2001-2010 period by cutting individual income
tax rates, increasing the child credit, repealing estate taxes, raising
deductions for married couples, increasing tax benefits for pensions and
individual retirement accounts, and creating additional tax benefits for
education. The law phases in many of those changes over time, including
some that are not fully effective until 2010. All of the law's provisions
are now scheduled to expire at or before the end of 2010.
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