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.