FACTOID # 18: Alaska spends more money per capita on elementary and secondary education than any other state.
 
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Encyclopedia > Taxpayer Relief Act of 1997

The Taxpayer Relief Act of 1997 reduced several federal taxes in the United States. The United States of America — also referred to as the United States, the U.S.A., the U.S., America¹, the States, or (archaically) Columbia — is a federal republic of 50 states located primarily in central North America (with the exception of two states: Alaska and Hawaii). ...


Subject to certain phase-in rules, the top capital gains rate fell from 28% to 20%. The 15% bracket was lowered to 10%. In finance, a capital gain is profit that is realized from the sale of an asset that was previously purchased at a lower price. ...


Starting in 1998, a $400 tax credit for each child under age 17 was introduced, which was increased to $500 in 1999. This credit was phased out for high income families. 1998 is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... 1999 is a common year starting on Friday of the Common Era, and was designated the International Year of Older Persons by the United Nations. ...


The act exempted from taxation profits on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles.


The $600,000 estate tax exemption was to increase gradually to $1 million by the year 2006. 2006 is a common year starting on Sunday of the Gregorian calendar. ...


Family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998. Starting in 1999, the $10,000 annual gift tax exclusion was to be corrected for inflation. 1999 is a common year starting on Friday of the Common Era, and was designated the International Year of Older Persons by the United Nations. ...


The act also provided tax relief for education savings and retirement accounts. Some expiring business tax provisions were extended.


It was signed into law by President Bill Clinton on August 5, 1997. For the pop band, see Presidents of the United States of America. ... Order: 42nd President Vice President: Al Gore Term of office: January 20, 1993–January 20, 2001 Preceded by: George H. W. Bush Succeeded by: George W. Bush Date of birth: August 19, 1946 Place of birth: Hope, Arkansas First Lady: Hillary Rodham Clinton Political party: Democratic William Jefferson Clinton (born... August 5 is the 217th day of the year in the Gregorian Calendar (218th in leap years), with 148 days remaining. ... 1997 is a common year starting on Wednesday of the Gregorian calendar, and was designated the International Year of the Reef. ...


Congressional action

Final House vote, July 30, 1997: July 30 is the 211th day (212th in leap years) of the year in the Gregorian Calendar, with 154 days remaining. ...

Vote by Party Yea Nay
Republicans 225 99.6% 1 0.4%
Democrats 164 80.0% 41 20.0%
Independents 0 0.0% 1 100%
Total 389 90.0% 43 10.0%
Non-voting: 2 Republicans, 1 Democrat

Final Senate vote, July 30, 1997:

Vote by Party Yea Nay
Republicans 55 100% 0 0.0%
Democrats 37 82.2% 8 17.8%
Total 092 92.0% 08 8.0%


Tax Acts of the United States

1861 | 1862 | 1894 | 1913 | 1916 | 1917 | 1918 | 1921 | 1924 | 1926 | 1928 | 1932 | 1940 | 1940 | 1941 | 1942 | 1943 | 1943 | 1944 | 1945 | 1948 | 1950 | 1950 | 1951 | 1954 | 1954 | 1962 | 1964 | 1968 | 1969 | 1971 | 1975 | 1976 | 1977 | 1978 | 1981 | 1982 | 1982 | 1983 | 1984 | 1986 | 1986 | 1990 | 1993 | 1997 | 2001 | 2002 | 2003 | This article is a brief overview of some aspects of US taxes. ... The Revenue Act of 1861 proposed that there shall be levied, collected, and paid, upon annual income of every person residing in the U.S. whether derived from any kind of property, or from any professional trade, employment, or vocation carried on in the United States or elsewhere, or from... The Wilson-Gorman tariff of 1894 slightly reduced the U.S. tariff rates from the numbers set in the 1890 McKinley tariff. ... The Kemp-Roth Tax Cut (officially the Economic Recovery Tax Act, or ERTA) of 1981 reduced marginal income tax in the United States rates by approximately 25% over three years (the top rate falling to 50% from 70% while the bottom rate dropped to 11% from 14%) and indexed them... The Consolidated Omnibus Budget Reconciliation Act is U.S federal legislation from 1986 which gives workers who lose their health care benefits the right to choose to continue group health benefits provided by their group health plan under certain circumstances. ... President Ronald Reagan signs the Tax Reform Act of 1986 on the South Lawn. ... The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was passed by the 103rd United States Congress and signed into law by President Bill Clinton. ... The Economic Growth and Tax Relief Reconciliation Act of 2001 was a sweeping piece of tax legislation in the United States. ... The Jobs and Growth Tax Relief Reconciliation Act of 2003 was passed by the United States Congress on May 23, 2003 and signed by President Bush five days later. ...


  Results from FactBites:
 
Taxpayer Relief Act of 1997 actually is a relief (1647 words)
Under the Act, a married taxpayer filing jointly is generally able to exclude up to $500,000 ($250,000 for single taxpayers) of gain on the sale of a principal residence.
Under the Act, a home office qualifies as the "principal place of business" if the office is used to conduct administrative or management activities for a trade or business, and there is no other fixed location of the trade or business where the taxpayer conducts substantial administrative or management activities of the trade or business.
The 1996 Act suspended the 15 percent excise tax on distributions from retirement plans that exceed certain thresholds (generally $160,000 in one year or $800,000 for a lump sum) for 1997, 1998 and 1999.
Taxpayer's Relief Act of 1997 - Education incentives (7021 words)
Individual taxpayers are allowed to claim a non-refundable HOPE credit against Federal income taxes up to $1,500 per student per year for 50 percent of qualified tuition and related expenses (but not room and board expenses) paid for the first two years of the student's post-secondary education in a degree or certificate program.
A taxpayer may claim the HOPE credit with respect to an eligible student who is not the taxpayer or the taxpayer's spouse (e.g., in cases where the student is the taxpayer's child) only if the taxpayer claims the student as a dependent for the taxable year for which the credit is claimed.
Individual taxpayers are allowed a deduction of up to $10,000 per student per year for qualified higher education expenses paid by the taxpayer during the taxable year for education furnished to the taxpayer, the taxpayer's spouse, or a dependent.
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