On June 7, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 (also known as HR 1836). The new law represents the largest tax cut in a generation. There were four major components to the bill: an across-the-board reduction in marginal tax rates, the reduction (and eventual elimination) of the estate tax, a doubling of the child tax credit, and a reduction of various aspects of the marriage penalty in the tax code.
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