Tax Reduction bill

Tax Cut With a Purpose Act of 2001 - Amends the Internal Revenue Code (the Code) to make revisions under which: (1) individual income tax rates will be reduced; (2) in the case of a joint return, an additional deduction will be allowed; (3) subtitle B (Estate and Gift Taxes) of the Code will be repealed; (4) the definition of qualified expenses for purposes of the education individual retirement account will be expanded to include qualified elementary and secondary expenses and the maximum annual contribution permitted to such an account will be increased; (5) the child tax credit and its phase-out threshold will be increased; (6) a deduction for charitable giving will be allowed to nonitemizers, tax-free distributions from individual retirement accounts for charitable purposes will be allowed, and the deduction allowed to corporations for charitable contributions will be increased; and (7) the provisions terminating the credit for increasing research activities will be repealed.