Download or read book 2001 Tax Cut written by and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major tax cut was enacted in June 2001 as the Economic Growth and Tax Relief Reconciliation Act (EGTRRA; P.L. 107-16; H.R. 1836). This report summarizes the provisions of the bill, analyzes effects, and considers the development of the legislation. To comply with Senate procedural rules, the Act included a "sunset" provision that rescinds its tax cuts at the end of calendar year 2010. During 2002, the House (but not the Senate) passed several bills making all or some of EGTRRA's tax cuts permanent. There are indications that Congress will return to this issue in 2003. In early 2001, tax cuts were a principal focus of policymakers. In February, President Bush sent Congress the outlines of a proposal to cut taxes by an estimated $1.6 trillion over 10 years; the proposal is based on a plan the President set forth during the 2000 presidential campaign. The principal elements of the plan were a cut in marginal individual income tax rates; a tax cut for many married couples; an increased child credit; elimination of the estate and gift tax; a permanent research and experimentation tax credit; a charitable contribution deduction for non-itemizers; and several tax benefits for health care and education. In March, tax cuts similar to the President's proposal began moving through the House of Representatives. On March 8, the House approved H.R. 3, containing a cut in marginal tax rates; on March 29, the House approved H.R. 6, containing tax cuts for married couples and an increase in the child credit; and on April 4, the House approved H.R. 8, which would phase out the estate and gift tax. On May 2, the House approved H.R. 10, containing tax reductions related to pensions and retirement. On May 15, the Senate Finance Committee approved an omnibus bill including elements of all of these proposals, plus education tax benefits. The bill was reported as an amended version of H.R. 1836, the Economic Growth and Tax Relief Reconciliation Act of 2001 that was passed by the House on May 16; the bill was approved by the Senate with further amendments on May 23. The principal differences between the House, Senate, and Administration plans were a larger tax-rate cut in the President's and House plans than in the Senate bill; a retroactive component in the House and Senate bills designed to provide near-term economic stimulus; effective dates in the Senate bill that were generally somewhat later than those in the President's proposal and the House bills; pension provisions in the House and Senate plans, but not in the President's; and health provisions in the President's plan but generally not in the House or Senate proposals. On May 26, the House and Senate both approved a conference version of EGTRRA. The bill's reduction in marginal individual income tax rates is smaller than proposed by the House or the President and larger than proposed by the Senate, but is closer to the Senate bill than the other proposals. Beyond the rate cuts, the bill's major elements are: tax cuts for married couples, phase-out of the estate and gift tax, an increase in the child tax credit, more generous individual retirement account (IRA) and pension provisions, tax benefits for education, and a number of other items. President Bush signed the tax cut bill on June 7.

Download or read book Crs Report for Congress written by David L. Brumbaugh and published by BiblioGov. This book was released on 2013-11 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major tax cut was enacted in June 2001 as the Economic Growth and Tax Relief Reconciliation Act (EGTRRA; P.L. 107-16; H.R. 1836). This report summarizes the provisions of the bill, analyzes effects, and considers the development of the legislation. To comply with Senate procedural rules, the Act included a "sunset" provision that rescinds its tax cuts at the end of calendar year 2010. During 2002, the House (but not the Senate) passed several bills making all or some of EGTRRA's tax cuts permanent. There are indications that Congress will return to this issue in 2003. In early 2001, tax cuts were a principal focus of policymakers. In February, President Bush sent Congress the outlines of a proposal to cut taxes by an estimated $1.6 trillion over 10 years; the proposal is based on a plan the President set forth during the 2000 presidential campaign. The principal elements of the plan were a cut in marginal individual income tax rates; a tax cut for many married couples; an increased child credit; elimination of the estate and gift tax; a permanent research and experimentation tax credit; a charitable contribution deduction for non-itemizers; and several tax benefits for health care and education. ...

Download or read book 2001 Tax Cut written by David L. Brumbaugh and published by . This book was released on 2002 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major tax cut, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA), was enacted in June 2001. This report summarizes the provisions of the bill, analyzes effects, and considers the development of the legislation. The broad shape of the President's plan and the tax cuts passed by the House, Senate, and Conference Committee are perhaps more marked by their similarities than their differences. The centerpiece of each plan is a cut in the statutory marginal tax rates that apply to individuals' taxable incomes, although the precise details vary among the proposals. Beyond the rate cuts, each phases out the estate tax; expands the child tax credit; and provides tax cuts for two-earner married couples.

Download or read book 2001 Tax Cut written by David L. Brumbaugh and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major tax cut, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA), was enacted in June 2001. This report summarizes the provisions of the bill, analyzes effects, and considers the development of the legislation. The broad shape of the President's plan and the tax cuts passed by the House, Senate, and Conference Committee are perhaps more marked by their similarities than their differences. The centerpiece of each plan is a cut in the statutory marginal tax rates that apply to individuals' taxable incomes, although the precise details vary among the proposals. Beyond the rate cuts, each phases out the estate tax; expands the child tax credit; and provides tax cuts for two-earner married couples.

Download or read book The Bush Tax Cut written by William H. Manz and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book President s Tax Relief Proposals written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 2001 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Crs Report for Congress written by Congressional Research Service: The Libr and published by BiblioGov. This book was released on 2013-11 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Across the board Tax Cuts written by Jane Gravelle and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Across-the-board income tax cuts were an important feature of H.R. 1836, the comprehensive tax cut of 2001. Distributional issues have been central to the analysis of across-the-board tax cuts (although issues of growth and simplification are also of concern). Some plans have been described as primarily benefiting the middle class; some plans, or even the same plans, have been criticized as unduly favoring high income taxpayers. Absolute measures include tax cut per return and the distribution of the revenue cost: these measures show most tax cuts to favor high income individuals because income (and income tax liability) is concentrated in higher income classes. A variety of relative distributional measures are used, but the measure that indicates the change in income inequality is percentage change in disposable income. A 10% cut in tax rates, for example, increases income inequality, causing disposable income in the top 20% of the population to rise by around 5%, while causing disposable income in the bottom 80% to rise by less than 1%. The 2001 tax cut, when permanently in place, would reduce the progressivity of the tax system and increase income inequality by this relative measures. Tax cuts favoring higher income individuals are more likely to reduce marginal tax rates, which can have benefits for growth and efficiency. Cutting only individual tax rates can worsen distortions (such as those between corporate and non-corporate investments) or undermine desirable subsidies.

Download or read book The 2001 and 2003 Bush Tax Cuts and Deficit Reduction written by Thomas L. Hungerford and published by . This book was released on 2012-12-02 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Tax Rates written by Howard P. Durham and published by Nova Science Publishers. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Income tax rates have been at the centre of recent policy debates over taxes. Some policy-makers have argued that raising tax rates, especially on higher income taxpayers, to increase tax revenues is part of the solution for long-term debt reduction. For example, the Senate recently passed the Middle Class Tax Cut, which would allow the 2001 and 2003 Bush tax cuts to expire for taxpayers with income over $250,000. The Senate recently considered legislation, the Paying a Fair Share Act of 2012, that would implement the "Buffett rule" by raising the tax rate on millionaires. Other recent budget and deficit reduction proposals would reduce tax rates. This book examines individual income tax rates since 1945 in relation to these arguments and seeks to establish what, if any, relationship exists between the top tax rates and economic growth, using statistical analysis.

Download or read book Revenue Proposals and Tax Cuts in the President s Budget written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2001 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Crs Report for Congress written by Congressional Research Service: The Libr and published by BiblioGov. This book was released on 2013-11 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Income tax rates are at the center of many recent policy debates over taxes. Some policymakers argue that raising tax rates, especially on higher income taxpayers, to increase tax revenues is part of the solution for long-term debt reduction. For example, in the 112th Congress the Senate passed the Middle Class Tax Cut (S. 3412), which would allow the 2001 and 2003 Bush-era tax cuts to expire for taxpayers with income over $250,000 ($200,000 for single taxpayers). Other policymakers argue that maintaining low tax rates is necessary to foster economic growth. For example, the House passed the Job Protection and Recession Prevention Act of 2012 (H.R. 8), which would extend the 2001 and 2003 Bush-era tax cuts for one year. The Senate also considered legislation, the Paying a Fair Share Act of 2012 (S. 2230), that would implement the so-called "Buffett rule" by raising the tax rate on high-income taxpayers.

Download or read book Tax Cut Legislation written by David L Brumbaugh and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The 2001 Tax Cut written by Viard, Alan D. and published by . This book was released on 2001 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Tax Cut Legislation written by David L Brumbaugh and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Revenue Effects of Major Tax Bills written by Tempalski and published by CreateSpace. This book was released on 2015-01-03 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the federal income tax was significantly expanded in 1940, several dozen major tax bills have been enacted. Inevitably, discussions (and disagreements) have arisen concerning the relative size of the bills effects on federal revenues.This paper uses revenue estimates from Treasury and the Joint Committee on Taxation to compare the relative size of the revenue effect of the major tax bills enacted after 1939 using four different measures. An appendix provides a short list of the major provisions in the bills.

Download or read book Beyond the Tax Cut written by United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic Monetary Policy, Technology, and Economic Growth and published by . This book was released on 2001 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: