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US Congress Passes $1.5 Trillion Tax Cut

On May 25th 2001 the Congress Passed a $1.35 Trillion tax cut which had been proposed by President Bush. The tax cut gave immidiate rebates of $500 to single filers and $1000 to joint filers. It lowered almost all rates, dropping the highest rate from 39.6 pct to 35 pct. It dropped the lowest bracket to 10 percent. The tax cuts were set to expire in 2010.