Making Tax Relief Permanent

Feb 29 2008

The U.S. is set to undergo the largest tax increase in history, and this will occur without any legislative action. In 2011, America’s tax burden will rise by $213 billion, or an average of $1,833 per taxpayer (expressed in 2008 dollars). Because tax relief measures enacted in 2001 (Economic Growth and Tax Relief Reconciliation Act of 2001—or, EGTRRA) and 2003 (Jobs and Growth Tax Relief Reconciliation Act of 2003—or, JGTRRA) are all set to expire in 2008 and 2010, many Americans will be hit with smaller paychecks and larger end-of-year tax bills unless tax relief is extended or made permanent. The report below outlines what the 2001 and 2003 tax relief measures include; who benefits most from the tax relief; how expiration of the tax relief will affect various households; and why low tax rates are important for economic growth.

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  • Making Tax Relief Permanent

    The U.S. is set to undergo the largest tax increase in history, and this will occur without any legislative action. In 2011, America’s tax burden will rise by $213 billion, or an average of $1,833 per taxpayer (expressed in 2008 dollars). Because tax relief measures enacted in 2001 (Economic Growth and Tax Relief Reconciliation Act of 2001—or, EGTRRA) and 2003 (Jobs and Growth Tax Relief Reconciliation Act of 2003—or, JGTRRA) are all set to expire in 2008 and 2010, many Americans will be hit with smaller paychecks and larger end-of-year tax bills unless tax relief is extended or made permanent. The report below outlines what the 2001 and 2003 tax relief measures include; who benefits most from the tax relief; how expiration of the tax relief will affect various households; and why low tax rates are important for economic growth. MakingTaxReliefPermanent20080229.pdf (156.4 KBs)