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What's New In Taxes

   Early in January 2003, President Bush revealed his plans for cutting taxes and stimulating the economy. The centerpiece of his plan is a proposal to eliminate the taxes shareholders pay on the dividends they receive that have already been taxed at the corporate level. The President's plan also proposes to accelerate several of the tax cuts included in the 2001 tax law that are scheduled to be phased in over the next several years. Among the tax cuts that Bush would like to see moved into 2003 are the following:
bullet Expansion of the 10% tax bracket.
bullet Tax rate cuts scheduled for 2004 and 2006.
bullet Marriage penalty relief scheduled to begin in 2005.
bullet Increase in the child tax credit to $1,000 per qualifying child.

   Bush's plan would also increase the exemption threshold for the alternative minimum tax for a two-year period, and it would increase the expensing limit for the purchase of business equipment from the current $25,000 to $75,000.  Factor the likelihood of coming change into your early 2003 tax planning efforts.

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