All other marginal rates drop by 1 percentage point in 2005. In the first 5 years, phases in a doubling of the standard deduction. In the second 5 years, phases in a doubling of the income thresholds for couples in the 15 percent bracket. As in the House bill, phases down the federal estate tax rates and repeals them entirely within 10 years.
Investors Provides reduction only for individual capital gains.
No reduction in corporate capital gains. Proportionate reduction in depreciation recapture for real estate. Extension of employer-provided educational assistance for undergraduate education. Phases in an increase in AGI limits to allow more people to open IRAs. More Affordable and Accessible Immediate 100 percent health insurance deduction for the self-employed.