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The Economic Growth and Tax Relief Reconciliation Act Prudential Form
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People also ask
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What is the Economic Growth and Tax Relief Reconciliation Act of 2001 quizlet?
The major provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 are: reduction in the individual income tax rates; increased 401(k) and IRA contributions; tax relief for financing higher education, including graduate education; estate and gift tax relief; and a reduction in the marriage penalty.
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What was the Tax Relief Act of 2001 quizlet?
The Tax Relief Act of 2001 provided educational incentives to a broad range of taxpayers and reduced contribution limits to retirement plans.
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What did the Economic Growth and Tax Relief Reconciliation Act do?
In 2001, President Bush proposed and signed the Economic Growth and Tax Relief Reconciliation Act. This legislation: Reduced tax rates for every American who pays income taxes, including creating a new 10 percent tax bracket. Doubled the child tax credit to $1,000 by 2010.
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What did the Economic Growth and Tax Relief Reconciliation Act of 2001 do?
EGTRRA lowered federal income tax rates, reducing the top tax rate from 39.6 percent to 35 percent and reducing rates for several other tax brackets. The act also reduced capital gain taxes, raised pre-tax contribution limits for defined contribution plans and Individual Retirement Accounts, and reduced the estate tax.
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What did the Tax Relief Act of 2001 do?
The 2001 and 2003 tax cuts reduced the top four marginal income tax rates (see Table 1), as well as the tax rate on capital gains and dividends.
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What did the Economic Growth and Tax Relief Reconciliation Act of 2001 do?
In 2001, President Bush proposed and signed the Economic Growth and Tax Relief Reconciliation Act. This legislation: Reduced tax rates for every American who pays income taxes, including creating a new 10 percent tax bracket. Doubled the child tax credit to $1,000 by 2010.
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What is the Bush tax rebate?
The rebate was up to a maximum of $300 for single filers with no dependents, $500 for single parents, and $600 for married couples. Anybody who paid less than their maximum rebate amount in net taxes received that amount, meaning some people who did not pay any taxes did not receive rebates.
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What is a tax whose impact varies inversely with the income of the person taxed?
regressive tax A tax that takes a larger percentage of income from low-income groups than from high-income groups.
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What did the Tax Relief Act of 2001 do?
The 2001 and 2003 tax cuts reduced the top four marginal income tax rates (see Table 1), as well as the tax rate on capital gains and dividends.
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