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Marriage Tax Penalty Relief Provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 , Record No.: RS21000, Date: June 10, 2002 1 (June 10, 2002)

handle is hein.tera/crstax0201 and id is 1 raw text is: Order Code RS21000 Updated June 10, 2002 CRS Report for Congress Received through the CRS Web Marriage Tax Penalty Relief Provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 Gregg A. Esenwein Specialist in Public Finance Government and Finance Division Summary The Economic Growth and Tax Relief Reconciliation Act of 2001 contains three marriage tax penalty relief provisions. It increases the standard deduction for joint returns to twice the size of the standard deduction for single returns. This change is phased in over a five-year period starting in calendar year 2005. The 2001 Act also increases the width of the 150% marginal income tax bracket for joint returns to twice the width of the 15% tax bracket for single returns. This change is phased in over a four-year period starting in calendar year 2005. Finally, the 2001 Act increases the earned income tax credit phaseout start and end points for joint returns by $3,000 with the increase phased in over a seven-year period starting in calendar year 2002. The Joint Committee on Taxation estimates that the combined cost of all of the marriage penalty relief provisions will be $63 billion over the fiscal year period 2002 through 2011. As with the 2001 Act's other tax changes, however, these changes affecting the marriage neutrality of the federal income tax are scheduled to expire after 2010. On May 21, 2002, the House approved the Encouraging Work and Supporting Marriage Act of 2002 (H.R. 4626). This Act would increase the basic standard deduction for married couples filing joint returns to 170% of the amount of the deduction for single filers in 2003 and 2004. During the week of June 10, 2002, the House is scheduled to consider H.R. 4019, a bill that would make the marriage tax provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 permanent. This report will be updated as legislative action warrants. Congressional Research Service + The Library of Congress

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