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Commercials
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Keeping The Promise Of...
Reducing Taxes for America's
Working Families
$
Tax Bracket
Reductions
Beginning July
1, 2001, there is a 1% reduction from every rate. That means your paychecks will
be 1% larger.
$ The Marriage
Penalty
The tax plan will
eliminate the "Marriage Penalty." In other words, instead of a couple deducting
$7600 - while a single person deducts $4400 - the couple will deduct $8800.
$ Families With Children
The tax credit for children under 17 will
increase from $500 to $600 this year, and eventually to $1000 by 2010.
$
Education
Student Loans -
The 60 month limit on deducting interest will be eliminated next year and income
eligibility limits are raised. Education IRAs - The contribution limit increases
next year from $500 to $2000 a year. Education Savings Plans - The tax on taking
out money from state or private education savings plans is totally eliminated.
$
Retirement Savings
All
retirement plan contribution limits, including those to 401(K), Roth, and
Traditional plans, will increase. Beginning in 2002, the contribution limits
will increase to $3000 for those individuals younger than 50, and $3500 for
those over. By 2008 the amount will increase to $5000 for those younger than 50
and $6000 for those older.
$ Estate Tax
Next year the estate tax exemption amount will
increase from $675,000 to $1 million. By 2009, the amount will be $3.5 million
and in 2010 the tax will be totally repealed.
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