Investopedia

Taxpayer Relief Act Of 1997

Dictionary Says

Definition of 'Taxpayer Relief Act Of 1997'

One of the largest tax-reduction acts in U.S. history, this legislation reduced tax rates and offered new tax credits for taxpayers across the board. This act introduced the Child Tax Credit, raised the unified credit limit and the tax exclusion from the sale of a personal residence. This act also provided tax relief for education savings and retirement accounts.
Investopedia Says

Investopedia explains 'Taxpayer Relief Act Of 1997'

The Taxpayer Relief Act of 1997 was signed off on by President Clinton on August 5, 1997. In addition to the aforementioned tax breaks, this act also created a $1.3 million exclusion for farms and small businesses. This act was widely applauded by the American public, and has since provided billions of dollars in tax relief for both personal and business taxpayers.

Articles Of Interest

  1. Will Your Home Sale Leave You With Tax Shock?

    Learn how the newest tax laws apply to the proceeds you earn.
  2. Dividend Tax Rates: What Investors Need To Know

    Find out how legislation enacted in 2003 is benefiting both investors and corporations, and when it's scheduled to expire.
  3. Changes In Tax Legislation And Regulation

    Keeping on top of these amendments can help you avoid penalties and take advantage of benefits.
  4. Has Income Tax Become A Class Tax On The Poor?

    With more than 33% of American families falling close to the poverty line despite their adult members holding full-time employment, a rising number of citizens are being forced to pay a rate ...
  5. Possible Effects Of The Online Retail Tax

    The U.S. Senate has passed a bill that will impose a sales tax on online retailers. Discover how the Marketplace Fairness Act could affect your bottom line.
  6. How To Get The Most Out Of Hiring An Accountant

    When you hire an accountant, getting good tax advice going forward is as valuable as – or perhaps even more valuable than - getting the previous year’s taxes filed correctly. Learn what you need ...
  7. How The 2014 Obama Budget Could Affect Your Finances

    Depending on which estimate you believe, Obama's proposed budget would raise the tax bill of a household with a yearly income of $50,000 to $75,000 between $63 and $100 per year. However, that’s ...
  8. IRS Special Enrollment Examination (SEE) Study Guide

    The enrolled agent status is the highest credential awarded by the IRS.
  9. Austerity: When The Government Tightens Its Belt

    When a government tightens its belt in tough economic times the entire nation feels the squeeze.
  10. Inaccurate Tax Return, Now What?

    If the IRS finds errors, it will cost you. Find out how to fix them, and how to prevent them in the first place.
comments powered by Disqus
Marketplace
Hot Definitions
  1. Glocalization

    A combination of the words "globalization" and "localization" used to describe a product or service that is developed and distributed globally, but is also fashioned to accommodate the user or consumer in a local market.
  2. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.
  3. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.
  4. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.
  5. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.
  6. Happiness Economics

    The formal academic study of the relationship between individual satisfaction and economic issues, such as employment and wealth.
Trading Center
Array ( )
taggroups(for debug only):
Array ( [0] => Taxes [1] => SEG (Head Of Households) [2] => SEG (Head Of Households:Topic-Taxes) [3] => SEG (Head Of Households:TaxType-Personal) [4] => Economy And Economics [6] => Personal Finance ) time:19ms