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The Economic Growth and Tax Relief Reconciliation Act won the support of congressional Republicans and a minority of congressional Democrats, and Bush signed it into law in June 2001. The narrow Republican majority in the Senate necessitated the use of the reconciliation , which in turn necessitated that the tax cuts would phase out in 2011 barring further legislative action.Enacted by: the 107th United States Congress
June 18, 2001 On June 7, 2001, President George W. Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001. The Act affects more rules that govern state and local government plans than any other legislative measure in recent memory.
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.
"the [tax] rebates did increase consumer spending significantly, helping to end the recession of 2001." In March 2001, the U.S. economy entered a recession. In response, the Economic Growth and Tax Relief Reconciliation Act of 2001 included a large income tax rebate program intended to stimulate consumption demand and ameliorate the recession.
Jun 25, 2019 · The Economic Growth and Tax Relief Reconciliation Act of 2001 is an income tax cut enacted on June 7, 2001. The Bush administration designed the tax cuts to stimulate the economy and end the 2001 recession. Families would spend the extra money, increasing demand. The name of the Act was Public Law 107-16.
Sep 12, 2019 · An act to amend the Internal Revenue Code of 1986 to provide tax relief for victims of the terrorist attacks against the United States, and for other purposes.
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