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HR 1836 - Economic Growth and Tax Relief Reconciliation Act, 2001 - National Key Vote

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See How Your Politicians Voted

Title: Economic Growth and Tax Relief Reconciliation Act, 2001

Vote Smart's Synopsis:

Vote to adopt a conference report that would institute $1.35 trillion in tax cuts over an 11-year period.

Highlights:

  • Creates a 10% tax bracket that applies retroactively to 2001 and provides immediate tax rebates for individuals who fall within the 10% range.
  • The 28%, 31%, 36%, and 39% tax brackets will be reduced incrementally to 25%, 28%, 33%, and 35% respectively by 2006.
  • Doubles the child tax credit, to $1,000 per child, over a 10 year period.
  • Increases dependent care tax credit to offset child care expenses.
  • Increases the standard deduction of married couples to double that of single taxpayers by 2005.
  • Increases the annual limit on contributions to Education Savings Accounts (ESAs) from $500 to $2,000, beginning in 2002.
  • Phases out estate, gift and generation-skipping taxes gradually until January 1, 2011, at which time estate and generation-skipping taxes are repealed, and the maximum gift tax rate is 40%.
  • Increases annual limit on contributions to personal Investment Retirement Accounts (IRAs) incrementally to $5,000.
  • Permits tax-free withdrawals from IRAs for charitable purposes.

See How Your Politicians Voted

Title: Economic Growth and Tax Relief Reconciliation Act, 2001

Vote Smart's Synopsis:

Vote to adopt a conference report that would institute $1.35 trillion in tax cuts over an 11-year period.

Highlights:

  • Creates a 10% tax bracket that applies retroactively to 2001 and provides immediate tax rebates for individuals who fall within the 10% range.
  • The 28%, 31%, 36%, and 39% tax brackets will be reduced incrementally to 25%, 28%, 33%, and 35% respectively by 2006.
  • Doubles the child tax credit, to $1,000 per child, over a 10 year period.
  • Increases dependent care tax credit to offset child care expenses.
  • Increases the standard deduction of married couples to double that of single taxpayers by 2005.
  • Increases the annual limit on contributions to Education Savings Accounts (ESAs) from $500 to $2,000, beginning in 2002.
  • Phases out estate, gift and generation-skipping taxes gradually until January 1, 2011, at which time estate and generation-skipping taxes are repealed, and the maximum gift tax rate is 40%.
  • Increases annual limit on contributions to personal Investment Retirement Accounts (IRAs) incrementally to $5,000.
  • Permits tax-free withdrawals from IRAs for charitable purposes.

See How Your Politicians Voted

Title: Economic Growth and Tax Relief Reconciliation Act, 2001

Vote Smart's Synopsis:

Vote to pass a bill that would institute $1.35 trillion in tax cuts over an 11-year period.

Highlights:

  • Creates a new 10% tax bracket.
  • Cuts the top 4 income tax brackets from 28%, 31%, 36%, and 39.6% to 25%, 28%, 33%, and 35% by 2011.
  • Increases child tax credit to $1,000 per child by 2011.
  • Increases the standard deduction of married couples to double that of single taxpayers by 2005.
  • Increases the annual limit on contributions to education Investment Retirement Accounts (IRAs) from $500 to $2,000.
  • Gradually reduces and repeals the estate and generation-skipping transfer taxes by January 1, 2011.
  • Increases annual limit on contributions to personal IRAs incrementally to $5,000 by 2011.

See How Your Politicians Voted

Title: Economic Growth and Tax Relief Reconciliation Act, 2001

Vote Smart's Synopsis:

Vote to pass a bill that would cut income taxes $958.2 billion over an 11-year period.

Highlights:

  • Changes the existing 5 federal income tax brackets of 15%, 28%, 31%, 36%, and 39.6% to a system based on 4 tax rate brackets: 10%, 15%, 25%, and 33% by 2006.

Title: Economic Growth and Tax Relief Reconciliation Act, 2001

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