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                        2007 Individual Tax Law Changes

          Lower income taxes for all taxpayers


                  Congress continues to pass new tax law changes throughout the year that affect all individuals. Many provisions extend expired tax provisions as well as pass new tax laws. President Bush helped pass the Economic Growth and Tax Relief Reconciliation Act of 2001 which included  1.35 billion in tax cuts for individual taxpayers including tax rate reductions, estate tax repeal, gift tax provisions, marriage penalty relief, education incentives, child tax credit increases, pension reform, and alternative minimum tax relief.

                   Most of these provisions are phased in over a 10year period ending in 2011. Tax laws are constantly changing and it is a challenge for the IRS and accountants to learn all the new tax laws. 


                                                                     2007 Individual Tax Law Changes


Recent Tax Law Changes

Tax Relief and Health Care Act

Pension Act 

Tax Reconciliation Act

Heroes Retirement Act

Tax Economic Growth Act


Tax brackets increase for all taxpayers.

The tax rates and brackets are adjusted for inflation.

Standard deduction increases.

The standard deduction increases for 2007. .

Personal exemption increases.

Everyone receives a personal tax exemption.



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