A lens that nobody has mentioned, that I personally recommend, is the EF 17-40mm F4L.
The reason I choose this lens is that it is close to the 24-70L range on a Full Frame camera.
It'd be roughly 27.2mm - 64mm after taking into account the 1.6x sensor crop. The reason this is a particularly good lens is that there is no vignetting at all at the edges even when wide open on a 1.6x crop sensor like the Rebel XT or the 20D.
Another good reason to purchase this lens is that it goes for roughly ~575 on the second hand market, and also, you will rarely, if ever, shoot at anything larger than F4 as it is in a fashion shoot as depth of field would be too thin to showcase the clothing you want to put detail into.
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However, if you want to shoot birds, or or something, then go ahead, knock yourself out and get like a 300mm F2.8L IS or something similar.
If you want to take portraits with decent bokeh, maybe a 50 1.4, 85 1.2/1.8, or 135 F2L.
Otherwise for a budget conscious photographer, the 17-40L is quite decent.
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