The Taxpayer Relief Act of 1997

The Taxpayer Relief Act of 1997 was a law aimed at reducing tax burdens for individuals and families. It increased the estate tax exemption, making it easier to transfer wealth without heavy taxes, and provided tax relief for retirement savings. The act also introduced incentives for homeownership, such as tax credits for first-time buyers, and improved education-related tax benefits. Overall, it sought to promote economic growth, savings, and fairness in the tax system while reducing certain tax obligations for middle-income households.