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Effects Of Major Individual Income Tax Relief Provisions In Economic Growth And Tax Relief Reconciliation Act Of 2001
The Economic Growth and Tax Relief Reconciliation Act of 2001 will provide significant income tax relief to millions of taxpayers. A broad range of taxpayers will benefit from the tax relief provisions contained in the Act, including:
- 43 million married couples whose taxes, on average, will be lowered by $1,730.
- 38 million families with children who will receive an average tax cut of $1,463 to help pay for education, childcare, and other expenses.
- 11 million single mothers with children who will be able to keep, on average, $780 more of their income to meet their family's pressing needs.
- 13 million seniors whose taxes will be reduced, on average, by $924.
- 3.9 million individuals and families who will have their income tax liability completely eliminated by the Act.The estimates of fully phased-in law are based on 2011 law at projected 2002 income and population levels. Estimates exclude tax benefits expiring before 2010 and assume no sunset.
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