Tax Relief Act
Summary of the President's Tax Relief Plan
The following is a summary of the major provisions of the Economic Growth and Tax Relief Reconciliation Act, as signed into law June 7, 2001. Marginal Tax Rate Reductions Individual Income Tax Rate Structure. Creates a new 10 percent regular income tax bracket for a portion of taxable income that is currently taxed at 15 percent, effective for taxable years beginning after December 31, 2000. The 10 percent rate bracket applies to the first $6,000 of taxable income for single individuals ($7,000 for 2008 and thereafter), $10,000 of taxable income for heads of households, and $12,000 for married couples filing…
