Economic Growth and Tax Relief Reconciliation Act of 2001

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The Economic Growth and Tax Relief Reconciliation Act of 2001 lowered tax rates across the board, increased the "per child tax credit", increased the tax credit for adoptions, expanded the usefulness of education IRAs, ended most limitations on the student loan interest deduction, adjusted the tuition tax credit rules, phased out limitations on itemized deductions and personal exemptions for high income taxpayers, eliminated the "marriage penalty" in the standard deduction, and directed that estate taxes be phased out and then repealed.

Almost all of the provisions of EGATRRA are subject to complex phase in and phase out provisions. Most notably, the estate tax is repealed only for the year 2010, after which it is reinstated at pre-EGATRRA levels (hence the description of the act as the "Throw Your Mama Off A Train" bill).

This act also significantly increased the benefits associated with tax favored retirement plans and accounts, increasing the amount that could be contributed and making other changes. See Detailed Article on Changes. This continued a general policy of reducing taxation of investment income.

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