The major provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 are: reduction in the individual income tax rates; increased 401(k) and IRA contributions; tax relief for financing higher education, including graduate education; estate and gift tax relief; and a reduction in the marriage penalty.
What year did the USA Patriot Act passed quizlet?
The USA PATRIOT Act is an Act of Congress that was signed into law by President George W. Bush on October 26, 2001. Its title is a ten-letter backronym (USA PATRIOT) that stands for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001”.
What did the American Taxpayer Relief Act of 2012 do?
Congress passed the American Taxpayer Relief Act of 2012 (ATRA) early on January 1, 2013, to prevent most of the sun-setting tax cuts from expiring.
How does the American Taxpayer Relief Act affect the deficit?
Describing the effects of the American Taxpayer Relief Act (ATRA) depends on which baseline is used in comparison. Compared against 2012, the deficit in 2013 will be moderately lower due to additional tax revenue from higher payroll tax rates on all wage-earning taxpayers and higher income tax rates on wealthier taxpayers.
What was the income tax rate in 2012?
For individuals with taxable income of $400,000 per year or less ($450,000 for a married couple on a joint tax return, both thresholds to be indexed for inflation after 2013), the tax rates for income, capital gains, and dividends remained at their 2012 levels, instead of reverting to the higher rates from the expiration of the Bush tax cuts.
What was the result of the ATRA in 2013?
The orange line (February 2013 baseline) was the post-ATRA result. The Congressional Budget Office (CBO) analyzes the effects of legislation on the deficit and economy. Describing the effects of the American Taxpayer Relief Act (ATRA) depends on which baseline is used in comparison.
