J.K. Lasser's New Rules for Estate and Tax Planning
Chapter One
Tax Relief Act-2001,
and Jobs and
Growth
Tax Act-2003:
An Overview
The law signed on June 7, 2001, by President George W. Bush-the
Economic Growth and Tax Relief Reconciliation Act of 2001 (Tax
Relief Act-2001)-remains the largest tax cut in over twenty years and
delivered tax savings to nearly every American taxpayer.
The Tax Relief Act-2001 was wide sweeping and provided tax
relief in four main areas:
Retirement plans. Tax Relief Act-2001 increased the allowed contributions
to most types of retirement plans. These increases are
phased in over several years and are then indexed for future years.
There is even a catch-up provision for those over the age of 50.
Marginal tax rates reduced. A new 10 percent marginal tax
bracket replaced a portion of the 15 percent bracket. All brackets
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