2001 Tax Cut: Description, Analysis, and Background

摘要

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.