President Signs Jobs And Economic Growth Package

In: All News   Posted 05/28/2003

WASHINGTON, D.C. – President Bush signed H.R. 2, the Jobs and Growth Tax Relief Reconciliation Act of 2003 on Wednesday, providing historic tax relief to millions of hardworking Americans and a much needed economic stimulus. The bill, passed by the Senate Friday morning, gives tax relief to more than 6 million Texas taxpayers and makes available nearly $1.3 billion for state fiscal relief to Texas."The jobs and economic growth package will provide benefits to more than six million Texans and Texas families,” said Sen. John Cornyn, a member of the Senate Budget Committee. “It will offer the needed stimulus to jump-start the economy and get Americans back to work. This legislation will also allow more taxpayers to keep a greater portion of their hard earned money so they can spend it as they see fit.” the Treasury Department estimates that 6.05 million Texans will benefit from various provisions of the tax relief bill, including 4.43 million who will see a savings from the acceleration of the 10 percent tax bracket; 2.44 million who will benefit from an easing of the Marriage Penalty; 1.8 million who will receive an increase in the child tax credit (including a $400 per child rebate this summer); and 1.69 million will benefit from the reduction in dividends and capital gains taxes. the bill also provides $20 billion to the states for FY 2003 and 2004, including $1.288 billion for Texas. As originally written, the state aid would have provided an unbalanced share to smaller states, but Sen. Cornyn worked with Sen. Kay Bailey Hutchison to ensure that Texas received its fair share.