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*Standard deduction for married couples will be twice that of singles is phased-in over five years infidelity beginning in 2005. **Continued on page 2 Page 2: Child Tax Credit Expansion (Similar to H.R. 6) *Doubles the child credit from $500 to $1,000. *Increases child credit to $600 (2001-2004), $700 (2005-2008), $800 (2009), $1,000 (2010), and makes refundable in part. Estate/Death Tax Repeal (Similar to H.R. 8) *Repeals the death tax in 2010. *Phases in increase in the unified credit -- $1 million (2002-2003), $1.5 million (2004-2005), $2 million (2006-2008), $3.5 million (2009). infidelity *Expands the availability of the infidelity current law estate tax exclusion for conservation easements. Pension and Retirement Savings (Similar to H.R. 10) *Increases IRA contributions from $2,000 to $5,000. *Increases 401(k) and other tax-deferred contribution limits from $10,500 to $15,000.
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