Are you concerned about how changes in tax law will impact you? Our goal is to keep you up to date with a stream of articles that detail new and changing tax laws and their impact on you. Each article provides a brief overview and a link to read more.

Articles

Congress Passes $350 Billion Tax Cut Bill
Congress has reached a compromise and has given its final approval for a tax cut intended to stimulate a lagging national economy. The $350 billion package is expected to be signed into law quickly by President George W. Bush, who had been pushing for a larger package.
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Senate Approves Tax, Economic Growth Bill
The Senate on May 15, 2003, approved a $441 billion tax cut package, including $20 billion in state aid, by a vote of 51 to 49. The Jobs and Growth Tax Relief Reconciliation Bill of 2003 (HR 2) includes a revised dividend tax cut at a cost of approximately $124 billion over four years. Also, small business tax breaks for the annual expensing of capital expenditures would be dramatically increased. In addition, the bill would accelerate reductions in individual income tax rates approved in 2001, provide marriage penalty tax relief, increase the child tax credit from $600 to $1,000, and increase the individual alternative minimum tax exemption amount by $6,000.
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Who Really Pays Income Taxes?
Is the federal income tax irrelevant? For some people, it seems to be, based on recent tax figures compiled by CCH INCORPORATED. But while federal income tax is becoming a relatively insignificant burden for an increasing number of low-to-moderate income families, wealthy families and many individuals still pay a significant percentage of their incomes as tax. Decreases in taxes built into a 2001 law and scheduled to become effective in future years will bring significant additional benefits to married couples, families with children and high-income taxpayers, but the basic pattern of who pays the most will not change.
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