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A Tax Act

What does the latest tax cut mean for your bottom line?

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This story appears in the August 2003 issue of Entrepreneur. Subscribe »

The tax cut approved this summer by Congress should probably be called the "Now You See It, Now You Don't" Act of 2003. Virtually every provision in the new law is subject to a confusing mishmash of sunset provisions.

Fortunately, the most significant money savers in the legislation-at least for now-are relatively simple. Leaving aside increased deductions and depreciation schedules for businesses (Tax Talk), the key changes involve marginal tax rates, child credits, the so-called marriage penalty and investment-related taxes. The biggest winners, says tax analyst Mark Luscombe of CCH Inc., a provider of tax and business information and software in Riverwoods, Illinois, are investors and married couples with children.

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