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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. |