Tax Reduction Act of 2001

Hozzl · 2023-01-16T14:48:09Z

Explore the details of House Bill 1398 Tax Reduction Act of 2001 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/16/2023, 2:48 PM

Congressional Summary of HR 1398

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 valuation rules for certain transfers of nonbusiness assets, and eliminate location requirements with respect to land subject to a qualified conservation easement for gross estate determination purposes.

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Current Status of Bill HR 1398

Bill HR 1398 is currently in the status of Bill Introduced since April 4, 2001. Bill HR 1398 was introduced during Congress 107 and was introduced to the House on April 4, 2001. Bill HR 1398's most recent activity was See H.R.1836. as of August 13, 2001

Bipartisan Support of Bill HR 1398

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Policy Area and Potential Impact of Bill HR 1398

Primary Policy Focus

Taxation

Potential Impact Areas

Collection of accountsConservation easementsCost of living adjustmentsCustody of childrenDividendsDivorceDivorceesEarned income tax creditEconomics and Public FinanceEnvironmental ProtectionEstate taxFamiliesFamily enterprisesFinance and Financial SectorGift taxGovernment Operations and PoliticsGovernment trust fundsHealthIncome taxIndexing (Economic policy)InterestInvestmentsLawLimitation of actionsMarried peopleMedicareMetropolitan areasMinimum taxNational forestsNational parksOld age, survivors and disability insurancePersonal income taxPoorPublic Lands and Natural ResourcesSeparation (Law)Social WelfareSocial security financeState taxationTax creditsTax cutsTax deductionsTax exemptionTax ratesTax refundsTax returnsUrban affairsValuationWidowersWidowsWilderness areasWomen

Alternate Title(s) of Bill HR 1398

Tax Reduction Act of 2001To 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.Tax Reduction Act of 2001

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