A new report from the Treasury provides a detailed analysis of what effects proposals to permanently extend the tax cuts enacted in 2001 and 2003 might have on the country's economy.
Among the proposals set to expire at the end of 2010, are:
- Lower tax rates on ordinary income;
- Lower tax rates on dividends and capital gains;
- A 10 percent individual income tax rate bracket;
- A doubling of the child tax credit; and,
- A reduction of the marriage tax penalties.
The report, which says that its purpose is to provide an "in-depth, transparent understanding of dynamic analysis, while also illustrating the positive contributions the tax relief, together with spending reductions, can be expected to continue to make to the U.S. economy," takes a largely positive view of the making the cuts permanent.The full report is available at www.treas.gov/press/releases/reports/treasurydynamicanalysisreporjjuly252006.pdf.
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