Here is some info on the tax cut from CNN.com
The compromise tax cut worked out by House and Senate:
• cuts the top income tax rate from 39.6 to 35 percent
• doubles the $500 child tax credit
• eliminates the federal tax on large estates
• provides marriage penalty tax relief
• gives $300 rebates for single taxpayers and $600 for joint filers
• raises contribution limits for IRAs from $2,000 to $5,000
• raises contribution limits for 401(k) plans from $10,500 to $15,000.
"An analysis of the bill by the accounting firm of Deloitte & Touche found that a married couple with no children and $60,000 in taxable income will find only $100 of tax relief -- after their initial $600 refund this year -- over the next 10 years.
A married couple with two children, $400,000 of taxable income and average itemized deductions, however, will pay $13,989 less -- 11 percent -- in 2010 than they did this year. At $1 million in income, the tax burden will drop $47,557, or 13.3 percent. "
Read the whole article at
http://www.cnn.com/2001/ALLPOLITICS/...cut/index.html
[This message has been edited by Kimmie1913 (edited May 31, 2001).]