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| Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) |
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A tax-related act signed by President George W. Bush in May 2006 that contains revisions to pre-existing tax laws. Revisions include topics concerning investor-related tax breaks, business provisions, individual retirement accounts, "kiddie tax" and alternative minimum taxes.
Also known as Public Law 109-222.
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For the most part, the provisions are beneficial for the vast majority of taxpayers. For example, lowered capital gain tax rates were extended until 2010 and higher exemption amounts for the alternative minimum tax will enable qualified taxpayers to pay a lower amount of taxes in those areas.
Furthermore, TIPRA also includes some retirement-related benefits. For example, TIPRA enables taxpayers with modified adjusted gross incomes surpassing $100,000 to be eligible for a Roth IRA conversion.
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