page_title: Economic Growth and Tax Relief Reconciliation Act of 2001
section_title: Major tax areas affected
hierarchical_section_title: Economic Growth and Tax Relief Reconciliation Act of 2001 / Major tax areas affected
caption_attribution_description: English: President George W. Bush signing the Economic Growth and Tax Relief Reconciliation Act of 2001 in the White House East Room in June 7, 2001
context_page_description: The Economic Growth and Tax Relief Reconciliation Act of 2001 was a major piece of tax legislation passed by the 107th United States Congress and signed by President George W. Bush. It is also known by its abbreviation EGTRRA, and is often referred to as one of the two "Bush tax cuts".
  Bush had made tax cuts the centerpiece of his campaign in the 2000 presidential election, and he introduced a major tax cut proposal shortly after taking office. Though a handful of Democrats supported the bill, most support came from congressional Republicans. The bill was passed by Congress in May 2001, and signed into law by Bush on June 7, 2001. Due to the narrow Republican majority in the United States Senate, EGTRRA was passed using the reconciliation process, which bypasses the Senate filibuster.
  EGTRRA lowered federal income tax rates, reducing the top tax rate from 39.6 percent to 35 percent and reducing rates for several other tax brackets. The act also reduced capital gain taxes, raised pre-tax contribution limits for defined contribution plans and Individual Retirement Accounts, and eliminated the estate tax.
caption: President George W. Bush signing the Economic Growth and Tax Relief Reconciliation Act of 2001 in the White House East Room on June 7, 2001
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