Tax Reduction Act of 2001

1/17/2023, 12:18 AM
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.

Congress
107
Number
HR - 1264
Introduced on
2001-03-28
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

3/28/2001
Text
PDF

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and 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.

Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to provide individual income tax rate reductions, tax relief to families with children, marriage penalty relief, and to immediately eliminate the estate tax for two-thirds of all decedents currently subject to the estate tax.
Policy Areas
Taxation
Potential Impact
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 Welfare•
Social security finance•
State taxation•
Tax credits•
Tax cuts•
Tax deductions•
Tax exemption•
Tax rates•
Tax refunds•
Tax returns•
Valuation•
Widowers•
Widows•
Women

Comments

Related

Member:  Charles B. Rangel
Bill Update Alert:  Economic Growth and Tax Relief Reconciliation Act of 2001

Recent Activity

Latest Summary11/28/2006
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 computa...
Latest Action8/13/2001
See H.R.1836.