Michelangelo Buonarroti Creation of Adam hand painting

Michelangelo Buonarroti Creation of Adam hand painting
Dante Gabriel Rossetti A Vision of Fiammetta painting
Though Bush had proposed a larger $1.6 trillion tax cut, the bill he signed into law today contains many of the key elements of his original plan. The top income tax rate will be reduced from 39.6 percent to 35 percent and a new bottom 10 percent bracket created. And the inheritance tax and the so-called marriage penalty will be gradually eliminated over the next decade. The $500 child tax credit will also be doubled and the limits on contributions to IRAs and 401(k) plans raised. A key part of the legislation that was not in Bush's earlier proposal is a onetime tax rebate aimed at stimulating the economy: This July, the Treasury Department will begin putting millions of refund checks in the mail — $300 for individuals and $600 for married couples.