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To: Amy J who wrote (136137)5/27/2001 12:15:21 AM
From: ptanner  Read Replies (1) of 186894
 
Amy, Re: timing of tax cut changes

See: taxplanet.com

and: house.gov

This article provides some of the details - I am curious about the 1% change in the higher brackets taking place July 1 of this year. Most of the other modifications phase in slowly, sometimes very slowly. The reference documents on this page provide some of the details but it will probably take journalists a long time to decipher the full implications of the bill.

Of particular interest - the fairness to women portion which allows for higher contribution limits (catch-up for age 50+) to plans on an absolute dollar basis [rather than % limit: @min(0.15*Income,$15,000)+$10,000] which rises to $5,000 in 2005. The sunset clauses are also interesting - particularly on the AMT modifications as these allowed congress to limit the cost of the whole package for today's accounting while leaving a potential mess for later.

I am not sure if the information provided on this site or the linked congressional documents reflects all of the final adjustments; however, the fairness to women values were reduced as previously I believe they went up to more than an additional $10,000 in 2011 - $10,000 above whatever the applicable value would be: @min(0.15*Income,$15,000)+$10,000]

-PT
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