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Jobs & Economic Growth

For Immediate Release
Office of the Press Secretary

The Jobs and Growth Act of 2003

President Bush signed the Jobs and Growth Act of 2003 on May 28, 2003 and is a victory for American workers, American families, American investors and American entrepreneurs and small businesses.

This law will enable the American people to keep more of their own money, and the more money people have in their pockets, the more likely it is that people looking for work will find a job.

In 2003, 91 million taxpayers will receive, on average, a tax cut of $1,126 under the Jobs and Growth Act of 2003.

  • 68 million women will see their taxes decline, on average, by $1,338.

  • 45 million married couples will receive average tax cuts of $1,786.

  • 34 million families with children will benefit from an average tax cut of $1,549.

  • 6 million single women with children will receive an average tax cut of $558.

  • 12 million elderly taxpayers will receive an average tax cut of $1,401.

  • 23 million small business owners will receive tax cuts averaging $2,209.

  • 3 million individuals and families will have their income tax liability completely eliminated by the Act.

Example: A married couple with two children and income of $40,000 will see their taxes decline under the Jobs and Growth Act of 2003 by $1,133-from $1,178 to $45 in 2003, a decline of 96 percent.

Families with children will get relief quickly due to the acceleration of the child tax credit from $600 to $1,000 per child. Beginning in mid-July, the Treasury Department will issue checks of $400 per child to taxpayers who claimed a child tax credit on their 2002 return. Most taxpayers will see their paychecks grow as companies reduce the amount of tax withheld to reflect reduced tax rates.

Congress is to be applauded for getting this bill to the President's desk promptly.

The President is optimistic that the Jobs and Growth Act of 2003 will grow the economy and create new jobs. The President will not be satisfied until every American who is looking for work can find it; every business has a chance to grow; and prosperity reaches every corner of America.