CCH Fast Facts About 2001 Tax Legislation
441 CODE CHANGES, 100 MILLION PAGES WORTH OF TAX LAW:
CCH OFFERS INSIDER’S LOOK, STATISTICS ON NEW TAX/PENSION BILL
(RIVERWOODS, ILL., May 26, 2001) – With agreement now firmly in place on one of the country’s most significant tax bills in the past 20 years, the Economic Growth & Tax Relief Reconciliation Act 2001, CCH INCORPORATED (CCH), the nation’s oldest and leading provider of tax law information, offers this insider’s look at the new laws. Established in 1913 – the first year of the federal income tax – CCH regularly tracks, reports, explains and analyzes federal, state and international tax law for accounting and legal professionals, corporations and the Internal Revenue Service. Visit www.cch.com/taxbill for more information about the new tax bill, including taxpayer scenarios.
Size and Dynamics
The 2001 tax and pension legislation created 441 changes to the U.S. tax law.
14 new sections were added to the Internal Revenue Code.
In the past five years, there have been 1,916 changes to the federal tax code and approximately 7,000 changes since 1986.
The 2001 bill is the first real decrease in tax rates since the 1986 Tax Reform Act. It only took four years before Congress started adding new rates.
The estate tax was initiated in 1916 and has never been interrupted. The minimum estate tax rate when it was introduced was 1% and imposed on the first $50,000 of the net estate.
Some changes created by this new Act could “sunset” in 2011, at which point, current day law would take affect again.
Format and Complexity
Though almost all of CCH’s approximately 150 tax information products are available on the Internet and in CD-ROM format, paper does pile up during tax legislation.
By CCH’s current estimates, the company will publish special books with a total of approximately 100 million pages that report, explain, analyze and educate tax professionals.
Legislation will require CCH to update more than 14,368 pages in its 23 core federal tax, estate tax, gift tax, pension, financial planning and related loose-leaf information products.
History and Complexity
Prior to the enactment of this legislation, the Internal Revenue Code consisted of approximately 3,100 pages.
The first CCH publication explaining the federal tax law in 1913 was one-volume and 408 pages, but today that publication, CCH Standard Federal Tax Reporter, is 45,662 pages.
The first year for the modern federal income tax was 1913. That year, only one in 271 citizens paid income tax.
About CCH INCORPORATED
CCH INCORPORATED, headquartered in Riverwoods, Ill., was founded in 1913 and has served four generations of business professionals and their clients. The company produces more than 700 electronic and print products for the tax, legal, securities, insurance, human resources, health care and small business markets. CCH is a wholly owned subsidiary of Wolters Kluwer North America. The CCH web site can be accessed at www.cch.com. The CCH Federal and State Tax group web site can be accessed at http://tax.cch.com.
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