September 22, 2010
Andrew Presti- Author's Bio
Blog Posts
0 Comments
Tax cuts enacted in 2001 and 2003 are to expire in January unless Congress renews them.
The highlights:
• Income tax rates were reduced, to a bottom rate of 10 percent and a top rate of 35 percent. If the cuts expire, the bottom rate would increase to 15 percent, the top rate would rise to 39.6 percent, and several rates in between would increase as well.
• The child tax credit was increased from $500 per child to $1,000 per child.
• Marriage penalty relief. The standard deduction for married couples was increased, easing the tax hit on many married couples.