Which of the following was a basic feature of the Tax Relief Act of 2001?

Which of the following was a basic feature of the Tax Relief Act of 2001?

In 2001, the Economic Growth and Tax Relief Reconciliation Act was signed into law (EGTRRA, P.L. 107-16). Its major provisions for 2001-2004 were a reduction in marginal income tax rates, an increase in the child tax credit, “marriage penalty” tax relief, and elimination of the estate tax.

Which president enacted the Taxpayer Relief Act in 1997?

President Bill Clinton
The bill was signed into law by President Bill Clinton on August 5, 1997, along with the Balanced Budget Act of 1997.

What did the Economic Growth and Tax Relief Reconciliation Act of 2001 do?

Due to the narrow Republican majority in the United States Senate, EGTRRA was passed using the reconciliation process, which bypasses the Senate filibuster. EGTRRA lowered federal income tax rates, reducing the top tax rate from 39.6 percent to 35 percent and reducing rates for several other tax brackets.

How are real estate transactions affected by the Taxpayer Relief Act of 1997 quizlet?

How are real estate transactions affected by the taxpayer relief act of 1997? Homebuyers may use IRA funds to acquire, build, or improve a residence, or for closing cost, and homesellers may exclude some capitol gains from the sale of their income tax.

What did the tax Relief Act of 2001 do?

The Economic Growth and Tax Reconciliation Relief Act of 2001 (EGTRRA) was a sweeping U.S. tax reform package that lowered income tax brackets, put into place new limits on the estate tax, allowed for higher contributions into an IRA and created new employer-sponsored retirement plans.

What did the Jobs and Growth tax Relief Reconciliation Act of 2003 do?

JGTRRA accelerated the gradual rate reduction and increase in credits passed in EGTRRA. The maximum tax rate decreases originally scheduled to be phased into effect in 2006 under EGTRRA were retroactively enacted to apply to the 2003 tax year.

What did the Taxpayer Relief Act of 1997 do?

The Taxpayer Relief Act of 1997 was one of the largest tax-reduction acts in U.S. history. The legislation reduced tax rates and introduced some new tax credits that remain in place today. Now-familiar concepts such as the child tax credit and the Roth IRA were introduced with this act.

What was the purpose of the Taxpayer Relief Act of 1997?

Taxpayer Relief Act of 1997 – Title I: Child Tax Credit – Amends the Internal Revenue Code (IRC) to allow a tax credit of up to $500 dollars for each qualifying child of a taxpayer, beginning in taxable years starting after December 31, 1997.

What did the Tax Relief Act of 2001 do?

What did the Jobs and Growth Tax Relief Reconciliation Act of 2003 do?

What is Flat Tax quizlet?

A flat tax (short for flat tax rate) is a tax system with a constant marginal rate, usually applied to individual or corporate income. A true flat tax would be a proportional tax, but implementations are often progressive and sometimes regressive depending on deductions and exemptions in the tax base.

What two types of data does an appraiser gather?

There are generally two types of data that an appraiser will collect before making their evaluation: specific data and general data. Specific data refers to information gathered on the home itself. The home’s location, amenities, upgrades, size and other factors are all considered specific data.

What was the Tax Relief Act of 1997?

Details of the Taxpayer Relief Act of 1997. The Taxpayer Relief Act of 1997 was the first law solely devoted to tax cuts that Congress enacted using the fast-track budget reconciliation process. With this legislation, the Child Tax Credit began in 1998 at $400 per child under 17 years of age, and increased to $500 in 1999.

When was the tax deductible IRA law created?

Traditional IRAs had been available since the Employee Retirement Income Security Act of 1974. The original law allowed tax-deductible contributions of up to $1,500 per year. It did not allow contributions to an IRA as well as an employer-sponsored savings plan.

What are the benefits of the Taxpayer Relief Act?

The measure comprehensively reformed the Internal Revenue Code, making more than 800 changes. 1  At the time of its passage, the act was estimated to constitute a $95.3 billion tax cut over the ensuing five years. 2  The benefits of the Taxpayer Relief Act were directed mainly to middle-income and low-income taxpayers.

When was the Taxpayer Relief Act of 2014 signed?

(H.R. 2014). The President signed the measure on August 5; it became P.L. 105-34. of measures applying to particular types of taxpayers, income, and activities.