Vote Smart's Synopsis:

Vote to pass a bill that provides $792 billion in tax cuts over a ten-year period.

Highlights:

• Reduces the 15 percent income tax bracket to 14 percent in 2001.

• Increases individual retirement account (IRA) contributions to $5,000 annually by 2003.

• Exempts the first $1,000 of capital gains from individual income taxes starting in 2006.

• Raises estate tax exemptions from $1 million to $1.5 million in 2007.

• Reduces the maximum estate and gift tax rates from 55 percent to 50 percent in 2001.

• Reduces income taxes on married couples by increasing their standard deduction to double the amount allowed for individuals.

• Increases deductions for health insurance costs and long-term care.

• Increases eligible income limits for student education loan interest deductions.

Full Bill Text

Full Bill Text