According to the 2001 Economic Growth and Tax Relief Reconciliation Act,
A) A new 10 percent personal income tax rate is created applying to the first $6,000 in taxable income for an individual taxpayer or the first $12,000 earned by a married couple filing jointly
B) The highest income tax bracket for U.S. personal taxpayers will decrease from 39.6 percent in the year 2000 to 35 percent by 2006
C) Estate taxes will be phased out over the next 10 years and will have a tax rate of zero in 2010
D) All of the above
E) None of the above

Question

Quizplus · Accepted Answer

The 2001 Economic Growth and Tax Relief Reconciliation Act included all of these provisions: creating a new 10 percent income tax bracket, reducing the highest income tax bracket to 35 percent by 2006, and phasing out estate taxes to have a tax rate of zero in 2010.