Tax Cut Reconciliation Conference Report. This conference report is similar to H.R. 1836, in that it would cut all income tax rates slightly, double the per child tax credit from $500 to $1,000, alleviate the marriage penalty, phase out and finally abolish the estate tax in 2010, and increase income tax exemptions for IRAs and Educational Savings Accounts. Unfortunately, all provisions of the bill are sunset after 2010, meaning that the estate tax and current high income tax rates would be restored in 2011 unless Congress acts to make the cuts permanent. Despite this flaw, the bill would nevertheless give beleaguered taxpayers several much needed breaks in their tax bills.
The Senate adopted the conference report on May 26, 2001 by a vote of 58-33 (Roll Call 170). We have assigned pluses to the yeas.
