Hidden Rate Elimination Act of 2001

1/17/2023, 12:33 AM
Hidden Rate Elimination Act of 2001 - Amends the Internal Revenue Code to provide for a reduction in tax rates for individuals for calendar year 2002, as well as further reductions through calendar year 2006.

Repeals the phaseout of personal exemptions.

Repeals the overall limitation on itemized deductions.

Congress
107
Number
HR - 874
Introduced on
2001-03-06
# Amendments
0
Sponsors
+5

Variations and Revisions

3/6/2001
Text
PDF

Status of Legislation

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

Purpose and Summary

Hidden Rate Elimination Act of 2001 - Amends the Internal Revenue Code to provide for a reduction in tax rates for individuals for calendar year 2002, as well as further reductions through calendar year 2006.

Repeals the phaseout of personal exemptions.

Repeals the overall limitation on itemized deductions.

Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to provide individual income tax rate reductions and to repeal the phaseouts of the deduction for personal exemptions and of itemized deductions.
Policy Areas
Taxation
Potential Impact
Cost of living adjustments•
Economics and Public Finance•
Income tax•
Indexing (Economic policy)•
Personal income tax•
Tax cuts•
Tax deductions•
Tax exemption•
Tax rates

Comments

Related

Member:  Philip M. Crane
Bill Update Alert:  Economic Growth and Tax Relief Reconciliation Act of 2001

Recent Activity

Latest Summary11/28/2006
Hidden Rate Elimination Act of 2001 - Amends the Internal Revenue Code to provide for a reduction in tax rates for individuals for calendar year 2002, as well as further reductions through calendar year 2006.

Repeals the phaseout of personal exempt...

Latest Action8/13/2001
See H.R.1836.