Economic Growth and Tax Relief Act of 2001

Hozzl · 2023-01-17T00:17:59Z

Explore the details of House Bill 3 Economic Growth and Tax Relief Act of 2001 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/17/2023, 12:17 AM

Congressional Summary of HR 3

Economic Growth and Tax Relief Act of 2001 - Amends the Internal Revenue Code, as of tax year 2001, to establish (in addition to existing brackets) a 12 percent individual tax bracket for each filing status. Caps taxable income levels for the 12 percent bracket at: (1) $12,000 for married individuals filing jointly; (2) $10,000 for heads of households; and (3) $6,000 for unmarried individuals or married individuals filing separately. Applies the current 15 percent bracket to income levels above the 12 percent caps but below current 15 percent caps.

Prohibits minimum bracket amount inflation adjustments through tax year 2006. Revises the cost-of-living adjustment formula, as of tax year 2007.

Provides, beginning in tax year 2002, for specified reductions in the 12, 28, 31, 36, and 39.6 percent individual (and estate) brackets. (Maintains the revised 15 percent bracket without further change.)

Repeals mandatory reductions in the additional (three or more children) child tax credit and the earned income credit for taxpayers subject to the alternative minimum tax.

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Current Status of Bill HR 3

Bill HR 3 is currently in the status of Bill Introduced since February 28, 2001. Bill HR 3 was introduced during Congress 107 and was introduced to the House on February 28, 2001. Bill HR 3's most recent activity was See H.R.1836. as of August 13, 2001

Bipartisan Support of Bill HR 3

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 3

Primary Policy Focus

Taxation

Potential Impact Areas

Cost of living adjustmentsEarned income tax creditEconomics and Public FinanceFamiliesGovernment trust fundsHealthIncome taxIndexing (Economic policy)MedicareMinimum taxOld age, survivors and disability insurancePersonal income taxSocial WelfareSocial security financeTax creditsTax cutsTax ratesTax refunds

Alternate Title(s) of Bill HR 3

Economic Growth and Tax Relief Act of 2001To amend the Internal Revenue Code of 1986 to reduce individual income tax rates.Economic Growth and Tax Relief Act of 2001Economic Growth and Tax Relief Act of 2001Economic Growth and Tax Relief Act of 2001Tax Reduction bill

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