The Tax Relief Reconciliation Act of 2003
“I don’t think you can take the tax system seriously anymore.”CHRISTOPHER S. RIZEKformer Associate Tax Legislative Counsel
Rep. Jim Saxton (R-N.J.) reported that taxpayers with incomes greater than $200,000 will see their share of the income tax burden increase from 44.8 percent of 45.4 percent, and receive an average 10.8 percent cut in income taxes. Taxpayers with incomes between $30,000 and $40,000 will see a tax reduction of 19.3 percent, reducing their share of taxes from 2.1 to 1.9 percent.
Another year—another tax act! This one made only 50 changes but it shrunk the tax bill of just about every taxpayer. If you’re an income investor or a parent of children under age 17, the goodies ...