Economic Growth and Tax Relief Reconciliation Act of 2001

(redirected from Economic Growth and Tax Relief Reconciliation Act)

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.
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With the passage of the so-called Bush tax cuts, implemented through the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003, the United States' marginal tax rates were significantly lowered and divided into six brackets: 10 percent, 15 percent, 25 percent, 28 percent, 33 percent and 35 percent.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) repealed the federal estate tax and replaced it with a carryover basis regime that is effective on the estates of those who die after Dec.
Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.
EGTRRA 2001 Economic Growth and Tax Relief Reconciliation Act
The PPA made permanent certain temporary provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to retirement plans.
Also included are several provisions on charitable contributions and exempt organizations, and rules making permanent several Economic Growth and Tax Relief Reconciliation Act of 2001 changes that otherwise would have expired after 2010.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) (section 617) added a provision allowing IRC section 401(k) plan participants to designate part or all of their plan contributions as Roth 401 (k) contributions.
(3.) The Economic Growth and Tax Relief Reconciliation Act of 2003, effective on May 28, 2003, accelerated the tax reductions in the Economic Growth and Tax Relief Act of 2001, increased the exemption for the alternative minimum tax, and included specific adjustments for married taxpayers filling joint tax returns.
In addition to the explanatory Q & A text, Krass includes tables for calculating joint and last survivor benefits and identifying relevant sections of the Internal Revenue Code, the Employee Retirement Income Security Act of 1974, the Economic Growth and Tax Relief Reconciliation Act of 2001, Department of Labor regulations, IRS revenue rulings and procedures, and cases.
The book covers insurance trusts, disability trusts, spousal joint revocable trusts, and the Economic Growth and Tax Relief Reconciliation Act of 2001.
This decrease in total income tax was attributable to a decline in income being reported and to tax cuts implemented in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
A joint task force report examining the changes to federal wealth transfer taxes, which were brought about by the Economic Growth and Tax Relief Reconciliation Act of 2001, is now available (www.cpa2biz.com/tax).
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