Over time, the Act lowers the 28-, 31-, 36-, and 39.6 percent brackets to 25-, 28-, 33-, and 35 percent.
	It also creates a new bracket by splitting the existing 15 percent bracket into two brackets -- a 10 percent and 15 percent bracket.
	The Act provides taxpayers an immediate tax benefit by creating the 10 percent bracket retroactive to the beginning of 2001.  The new 10 percent bracket encompasses the first $6,000  (rising to $7,000 after 2007) of taxable income for singles and the first $12,000 ($14,000 after 2007) for married couples filing jointly.
	Rate reductions for higher brackets also begin as of July 1, 2001, and will be fully phased in by 2006.  From one year to the next, the drop in rates is typically no more than 1 percentage point.
	The Act’s new 10 percent tax bracket provides immediate relief this year to everyone who pays income taxes.  This retroactive relief, designed to boost the economy by putting spending money quickly back into the pockets of taxpayers, will provide modest first-year tax savings, via a refund check ranging from $300 for singles to $600 for married couples based on tax returns for the year 2000.