2001
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New 10% tax rate
Top four tax rates drop 0.5%
AMT exemption increases
$600 child tax credit
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2002
|
College expense deduction
Top four tax rates drop 0.5%
$2,000 contributions for education accounts
State 529 plan qualifying distributions tax-free
$3,000 IRA limit
$11,000 401(k) limit
Retirement plan catch-up contributions for those age 50 and older
Retirement contribution credit for low-incomers
50% top estate tax
$1 million estate and gift tax exemption
Adoption credit doubles to $10,000 per child
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2003
|
$12,000 401(k) limit
49% top estate tax
Child care credit increases to 35%
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2004
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Additional 1% cut in top four tax rates
Expanded college expense deduction
$13,000 401(k) limit
48% top estate tax
$1.5 million estate tax exemption
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2005
|
$4,000 IRA limit
$14,000 401(k) limit
$700 child tax credit
Limited marriage penalty relief begins
AMT exemption back to pre-2001 levels
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2006
|
Final cut in tax rates
$15,000 401(k) limit
Larger catch-up contributions
Roth 401(k) option
Gradual restoration of itemized deductions and exemption for higher-incomers
$2 million estate tax exemption
46% top estate tax
|
2007
|
45% top estate tax
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2008
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$5,000 IRA limit
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2009
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$3.5 million estate tax exemption
$800 child tax credit
|
2010
|
Estate tax repealed
Generation skipping tax repealed
$1,000 child tax credit
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2011
|
Sunset clause repeals the 2001 Tax Act and restores pre-2001 tax law
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