Economic Growth and Tax Relief Reconciliation Act of 2001

(redirected from 2001 Tax Bill)
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Economic Growth and Tax Relief Reconciliation Act of 2001

Legislation in the United States that reduced marginal tax rates for most American taxpayers. For example, it reduced the lowest bracket from 15% to 10% and the highest from 39.6% to 35%. It also simplified tax consequences of gifts and retirement plans. Proponents of EGTRRA claim that such policies spur economic growth. Critics point to lost government revenues and claim that the tax cuts primarily benefited the wealthy.
References in periodicals archive ?
According to their analysis, the phased-in tax cuts of the 2001 tax bill substantially reduced employment, output, and investment during the phase-in period relative to alternative policies with immediate, but more modest tax cuts.
Married taxpayers will see a significant expansion of the amount of income included in the 15-percent tax bracket as part of the "marriage penalty relief" in the 2001 tax bill that is being fast-forwarded to 2003.
Prior to the 2001 tax bill, revenue was projected to increase to $50 billion per year by 2010.