Extending the 2001, 2003, and 2004 Tax Cuts (CRS Report for Congress)
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| Release Date |
Revised Jan. 26, 2007 |
| Report Number |
RS21992 |
| Report Type |
Report |
| Authors |
Gregg Esenwein, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
The Economic Growth and Tax Relief Reconciliation Act of 2001 reducedmarginal income tax rates, provided marriage tax penalty relief, provided temporaryrelief from the alternative minimum tax (AMT), and increased the child tax credit. Allof the act's provisions are scheduled to sunset (revert to prior law levels) at the end of2010. The Jobs and Growth Tax Relief Reconciliation Act of 2003 accelerated theimplementation of certain tax reductions originally enacted in the 2001 act. The 2003act also reduced the tax rate on dividend and long-term capital gains income effectivethrough 2008. The Working Family Tax Relief Act of 2004 extended many of the taxprovisions scheduled to expire at the end of 2004. The Tax Increase Prevention andReconciliation Act of 2005 extended the capital gains and dividend tax reductionthrough 2010 and contained a one-year patch for the alternative minimum tax.Since all of the tax reductions expire at some point in the future, Congress faces theissue of whether to extend and/or make the reductions permanent. This report will beupdated to reflect legislative activity.
