Post 9/11 stimulus package, reduced top marginal income tax rate, lowered income tax rates for all brackets, increased child tax credit, reduced marriage penalty, phased out estate tax (later expired).
Significance
- Largest tax cut in US history at the time, aimed at stimulating economy post-9/11.
- Increased budget deficit
- Cut Tax rates across all brackets
- Reduced Estate, and Capital Gains Taxes
- Increased deduction for Married filers, and Increased Child and Earned Income Credits
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