In early 2001, President Bush released a summary of his agenda for tax relief. He claims to offer a "bold and fair tax relief plan that will reduce the inequities of the current tax code and help ensure that America remains prosperous." Highlights of Bush's proposal include doubling the child care credit to $1,000 per child, reinstating the ten percent deduction for two-earner couples, thus reducing the "marriage penalty," and eliminating inheritance taxes. The rather celebratory summary provides a short explanation of each element of the new tax plan, along with several charts on topics including consumer debt, tax rates for Americans on the edge of poverty, and the tax reduction for the poorest families. Finally, the report offers an easy-to-understand, side-by-side comparison of the current tax code and the Bush plan.
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