Bush Signs Tax Cut Bill.

President Bush signed a $1.35 trillion tax cut bill that includes a number of provisions backed by the president-lowering marginal tax rates, repealing! reducing the estate tax, providing relief from the so-called marriage penalty, increasing the child tax credit, giving education tax breaks, and providing pension reform. Most of these cuts will be phased in slowly and many won't take full effect for years.

The new law includes several significant pension reform benefits for association executives that ASAE has supported, such as an increase in the limits that an association executive may defer tax-free to 401(k) plans, 403(b) plans, 457 plans, and individual retirement accounts.