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
are reduced on a phase-in basis between now and 2006.
Education funding incentives. Withdrawals from qualified
tuition plans are now tax-free and the rules for transferrin ... read full excerpt from J.K. Lasser's New Rules for Estate and Tax Planning ebook
