Bush Pays Tribute To 2003 Tax Cuts

by Mike Godfrey, Tax-News.com, Washington

02 June 2004

Paying tribute to the Jobs and Growth Tax Relief Reconciliation Act of 2003 on the first anniversary of its passing last week, US President George W. Bush stated that the tax cuts have given the country's economy a significant lift in the last twelve months.

A Presidential statement last Friday attributed the creation of one million jobs and the fastest economic growth rates in “nearly twenty years” to the measures passed in the Act, which included a cut in dividend and capital gains taxation to 15% for most investors, increased deductions for small firms, accelerated income tax cuts, and measures aimed at families, including a $1,000 child tax credit.

"It is clear that tax relief is working,” declared Mr. Bush, adding that:

“Take-home pay for workers is up, and disposable income for families has increased to record levels. The incentives in our plan for small businesses are producing results as more manufacturers have been reporting increased activity and new orders than at any time in 20 years."

Concurring with the President last week, Treasury Secretary John Snow urged deficit-wary lawmakers to permanently enact the expiring tax cuts.

“Congress should work with the President to ensure further economic growth by making the Jobs and Growth tax cuts permanent. Without continued tax relief that families, investors and job-creators can count on, sustained economic progress cannot be guaranteed,” warned Snow.

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