I've just been reading up on HR 1386 (Bush Tax Cuts in 2001)

While I won't post the whole thing here, I will post some of it, as I don't know how long it would be on this board. Oh, and by the way, 12 dems voted for it, so it wasn't just a pub deal.

So, were the tax cuts so bad? Tell me these were just for rich people as so many believe. This is the problem with people nowadays. They hear one side of the story and believe and judge without finding out for themselves what is really going on in this country.

Those titles that I only posted the bold without explanations do not apply to most of us, so I left most of it out. Like I said, if you are reallyl interested, read the whole thing yourself.

Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to establish, as of tax year 2001, a 10 percent individual tax bracket for each filing status applicable to the first: (1) $12,000 ($14,000 for 2008 and thereafter) of taxable income for the married filing jointly category; (2) $10,000 of taxable income for the head of household category; and (3) $6,000 ($7,000 for 2008 and thereafter) of taxable income for either the filing as unmarried or married filing separate return categories.

Phases in reductions, beginning in 2001, of the 28 percent, 31 percent, 36 percent, and 39.6 percent brackets. Reduces each rate by one percentage point annually (with an additional 1.6 percent decrease for the 39.6 percent category), so that for years 2006 and thereafter the rates for each category will be, respectively, 25 percent, 28 percent, 33 percent, and 35 percent.

Provides for a credit, payable to the extent practicable before October 1, 2001, of up to $600 for the married filing jointly category, $500 for the head of household category, and $300 for those filing a return as either unmarried or married filing separate.

(Sec. 102) Repeals, in stages beginning in 2006, the personal exemption phase out, making such repeal fully effective beginning in 2010.

Title II: Tax Benefits to Children - Phases in increases in the child tax credit, increasing it to $1,000 per child effective 2010. Allows the credit against the alternative minimum tax. Makes a portion of the credit refundable. Disregards as income any such refunds for purposes determining eligibility for any federally funded assistance program.

(Sec. 202) Extends permanently the adoption credit for children other than special needs children. Increases the maximum credit to $10,000 per eligible child, including special needs children. Extends permanently the exclusion from income for employer provided adoption assistance. Increases, to $150,000, the beginning point of the income phase out range.

(Sec. 204) Increases the maximum amount of employment related expenses taken into account when determining the dependent care credit (to $3,000 from $2,400 for one qualifying individual and to $6,000 from $4,800 for two or more qualifying individuals). Increases from 30 to 35 percent the applicable percentage used in determining such credit. Increases from $10,000 to $15,000 the beginning point of the credit phase down.

(Sec. 205) Establishes an employer-provided child care credit equal to the sum of 25 percent of qualified child care expenses and 10 percent of the qualified child care resource and referral expenditures. Caps such credits at $150,000 per year.

Title III: Marriage Penalty Relief - Phases in increases in the standard deduction for the married filing jointly category to provide that by 2009 such deduction shall be twice that of an individual filing a single return.

Title IV: Affordable Education Provisions - Subtitle A: Education Savings Incentives - Increases, from $500 to $2,000, the annual limit on contributions to education IRAs.

Subtitle B: Educational Assistance - Permanently extends the exclusion from gross income of employer provided educational assistance.

Subtitle C: Liberalization of Tax-Exempt Financing Rules for Public School Construction - Increases the amount by which certain governmental bonds used to finance public school capital expenditures may be exempted from specified arbitrage bond provisions.

Subtitle D: Other Provisions - Allows, until December 31, 2005, a limited tax deduction (up to $3,000 for 2002 and 2003, and $4,000 for 2004 and 2005) for qualified higher education tuition and related expenses for taxpayers with adjusted gross income not exceeding specified levels ($130,000 for the married category and $65,000 for others).

Title V: Estate, Gift, and Generation-Skipping Transfer Tax Provisions - Subtitle A: Repeal of Estate and Generation-Skipping Transfer Taxes - Repeals, effective January 1, 2010, the estate and generation-skipping transfer taxes.

Subtitle B: Reductions of Estate and Gift Taxes - Phases down the estate and generation-skipping transfer taxes prior to repeal.

Phases down the gift tax and provides that beginning January 1, 2010, the maximum gift tax rate will be the maximum individual rate.

Subtitle C: Increase in Exemption Amounts - Increases: (1) from 2002 through 2009, the exemption equivalent of the unified credit and provides that such amount shall be the same as the GST (generation-skipping transfer tax) exemption amount; and (2) the lifetime gift exemption.

Subtitle D: Credit for State Death Taxes - Reduces the State death tax credit through 2004, repeals it beginning January 1, 2005, and replaces it with a deduction for such taxes.

Subtitle E: Carryover Basis at Death: Other Changes Taking Effect With Repeal - Repeals, effective January 1, 2010, current provisions relating to the basis of property acquired from a decedent.

Subtitle F: Conservation Easements - Subtitle G: Modifications of Generation-Skipping Tax -

Subtitle H: Extension of Time for Payment of Estate Tax -

Title VI: Pension and Individual Retirement Arrangement Provisions - Subtitle A: Individual Retirement Arrangement Provisions - Increases the Individual Retirement Account (IRA) annual dollar contribution limit to $3,000 for 2002 through 2004, $4,000 for 2005 through 2007, and $5,000 for 2008 and thereafter, with indexing in $500 increments thereafter. Provides, for individuals age 50 and older, that such limit shall be increased by $500 for 2002 through 2005 and by $1,000 for years 2006 and thereafter.

(Sec. 602) Deems certain voluntary employee contributions to accounts and annuities as IRAs rather than pension plans.

Subtitle B: Expanding Coverage - Increases annual benefit limits to $160,000 and annual contribution limits to $40,000. Increases, over five years, the annual contribution limits for 401 (k) and other employer-sponsored plan to $15,000. Sets indexes for inflation in various increments on such increased limits.

Subtitle C: Enhancing Fairness for Women - Allows individuals who are age 50 or older to make additional contributions to an applicable employer plan.

Subtitle D: Increasing Portability for Participants - Permits rollovers from and to various types of plans under the Code.

Subtitle E: Strengthening Pension Security and Enforcement -Increases, until repeal (2004), the current liability full funding limit.

Title VII: Alternative Minimum Tax - Increases the alternative minimum tax exemption amount: (1) by $4,000 for married couples filing a joint return and surviving spouses; and (2) by $2,000 for other filing categories.

To read the whole bill, go here:

http://thomas.loc.gov/cgi-bin/bdquery/z?d107:HR01836:@@@D&summ2=m&