Personal Tax Law Changes

As you may have heard, President Bush signed the Economic Growth and Tax
Relief Reconciliation Act of 2001 into law (the "Law") this morning. The Law
reduces personal income tax rates, modifies the AMT and Estate Tax and makes
several changes to retirement and education savings incentives. Further, due
to the reduction in the personal income tax rates (through the creation of a
new 10 percent tax bracket carved out from the previous 15 percent bracket)
without a reduction to the Federal withholding tax regime (this regime was
not altered by the Law), all taxpayers are slated to receive a rebate of
taxes that otherwise would have been paid this year - this is the $300, 500
or 600 "tax refund" that you may have heard of in connection with the Law.
The attached documents describe in greater detail the changes I have just
described. As always, I can be reached at x30938 should you have any
questions. Best regards. SHD.