What is the Tax Relief Act of 2001?

The Tax Relief Act of 2001, officially known as the Economic Growth and Tax Relief Reconciliation Act, was legislation enacted in the United States aimed at reducing income tax rates for individuals and businesses. It included provisions such as the reduction of the estate tax, increased child tax credits, and adjustments to tax brackets. The act also set a schedule for gradual tax cuts, with many provisions phased in over several years. Overall, it was designed to stimulate economic growth by increasing disposable income for taxpayers.