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More than 2.4 million taxpayers in Virginia will have lower income tax bills in 2003 under the President's growth package.
630,000 business taxpayers can use their tax savings to invest in new equipment, hire additional workers, and increase pay.
ACCELERATE 10-PERCENT BRACKET EXPANSION
1. More than 1.8 million married couples and single filers will benefit from the acceleration to 2003 of the expansion of the 10-percent bracket scheduled for 2008.
ACCELERATE REDUCTION IN INCOME TAX RATES
More than 800,000 taxpayers in Virginia will benefit from the acceleration to 2003 of the reductions in income tax rates in excess of 15-percent scheduled for 2004 and 2006.
ACCELERATE REDUCTION IN MARRIAGE PENALTY
955,000 married couples in Virginia will benefit from the acceleration to 2003 of provisions that increase the standard deduction for joint filers to double the amount for single filers and increase the width of the 15- percent bracket to twice the width for single filers. These two provisions were scheduled to phase in between 2005 and 2009.
ACCELERATE INCREASE IN CHILD TAX CREDIT
More than 645,000 married couples and single parents in Virginia will benefit from the acceleration to 2003 of the increase in the child tax credit from $600 to $1,000 that was scheduled to phase in between 2005 and 2010.
EXCLUSION FOR CORPORATE DIVIDENDS
900,000 taxpayers in Virginia will benefit from the exclusion of dividends paid from previously-taxed corporate income.
SOURCE: Counts are for the number of returns filed in 2001 that would have benefited from the package. These estimates are based on tabulations from all individual income tax returns processed by the Internal Revenue Service in 2001. Most of these returns covered tax year 2000.