Congress 107 - HR 1264 - Tax Reduction Act of 2001

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Topics

Collection of accounts Cost of living adjustments Custody of children Dividends Divorce Divorcees Earned income tax credit Economics and Public Finance Estate tax Families Family enterprises Finance and Financial Sector Gift tax Government Operations and Politics Government trust funds Health Income tax Indexing (Economic policy) Interest Investments Law Limitation of actions Married people Medicare Minimum tax Old age, survivors and disability insurance Personal income tax Poor Separation (Law) Social security finance Social Welfare State taxation Tax credits Tax cuts Tax deductions Tax exemption Tax rates Tax refunds Tax returns Taxation Valuation Widowers Widows Women

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Summary

Tax Reduction Act of 2001 - Amends the Internal Revenue Code to : (1) revise the existing 15 percent individual tax rate into a 12 percent and 15 percent rate based upon specified income bracket amounts; (2) revise the alternative minimum tax computation; (3) eliminate the alternative minimum tax-based reductions for the earned income and child tax credits; (4) revise the earned income tax credit with respect to credit percentages and amounts, includible income, phaseouts, and the joint return requirement; and (5) revise the standard deduction for joint filers and surviving spouses to twice the amount for an unmarried single filer.

Revises estate tax provisions to: (1) increase the exemption equivalent of the unified credit; (2) repeal family-owned business interests deduction provisions; (3) repeal provisions providing for a credit for State death taxes and provide for the deduction from an estate's value of State death taxes paid; and (4) set forth (gross estate) valuation rules for certain transfers of nonbusiness assets.

Actions

Aug 13, 2001

See H.R.1836.
Mar 28, 2001

Referred to the House Committee on Ways and Means.
Mar 28, 2001

Introduced in House

Amendments

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