Economic Growth and Tax Relief Reconciliation Act

The Economic Growth and Tax Relief Reconciliation Act (EGTRRA), enacted in 2001, aimed to stimulate the U.S. economy by reducing taxes. It included lower income tax rates, increased child tax credits, and changes to estate taxes. The act also aimed to promote savings through retirement plans. While intended to encourage spending and investment, critics argued it primarily benefited wealthier individuals. The tax cuts were phased in gradually and were set to expire after a decade, leading to debates about long-term fiscal impacts and the role of tax policy in economic growth.