The Taxpayer Relief Act

The Taxpayer Relief Act, passed in 1997, introduced several tax cuts and incentives aimed at providing financial relief to American taxpayers. Key features included lower capital gains tax rates, the introduction of the Child Tax Credit, and benefits for education savings. It also allowed homeowners to exclude a portion of capital gains from the sale of their primary residence. Overall, the act aimed to help families keep more of their income and encourage savings and investments, contributing to economic growth.