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 Home > News & Policies > March 2003

For Immediate Release
March 3, 2003

Jobs and Economic Growth Fact of the Day

$1,473

Under the President’s economic growth plan, 34 million families with children would benefit from an average tax cut of $1,473 in 2003.

Today’s Action

  • The President’s jobs and economic growth plan was introduced in the House and Senate yesterday and hearings are set to begin on the bill next week.

  • America’s economy is recovering and showing signs of growth. However, the President won’t be satisfied until every American who wants a job can find a job, and all Americans have economic security.

  • 92 million taxpayers—especially middle-income taxpayers—will benefit from the President’s plan as rate reductions passed by Congress in 2001 are made effective immediately. Middle-income families will receive relief from accelerated reduction of the marriage penalty, a faster increase in the child tax credit, and immediate implementation of the new, wider 10 percent tax bracket.

  • The President’s plan would:
    • Speed up the 2001 tax cuts to increase the pace of the recovery and job creation.
    • Encourage job-creating investment in America’s businesses by ending the double taxation of dividends and giving small businesses incentives to grow.
    • Provide help for unemployed Americans, including extending unemployment benefits and creating new re-employment accounts to help displaced workers get back on the job.

  • The President has urged Congress to move quickly and act on his economic proposals to encourage our Nation’s entrepreneurs, speed up economic growth and generate new jobs for American workers.