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Repeal of the Bush 2001 tax plan in 2003 would increase taxes orreduce refunds for filers in all income classes in 2004. Increaseswould be particularly noticeable for taxpayers with incomes over$50,000.

Appendix: The Economic and Fiscal Effects of the President's GrowthPackage

The Taxpayer Refund and Relief Act of 1999 (H.R. 2488) promises togive Americans the largest tax reduction since 1981.

The authors use a microsimulation model of the federal individualincome tax and the Global Insight short-term U.S. MacroeconomicModel to analyze the dynamic economic and budget effects ofpermanently extending some of the expiring provisions of the 2001and 2003 tax laws.