William F. Smith: “the Jobs and Growth Tax Act of 2003 includes relief from the marriage tax, child care tax credits, small business…”

“the Jobs and Growth Tax Act of 2003 includes relief from the marriage tax, child care tax credits, small business expensing, and a dividend tax reduction. According to an analysis by the Heritage Foundation, the bill creates approximately 1.2 million jobs by the end of 2004. This includes 61,000 jobs in Texas. In addition, it will inject $200 billion into the economy to help drive consumer spending and job creation. A key piece of this legislation is dividend relief. It also promotes investment by reducing the tax on capital gains. These two modifications simplify the tax code by creating similar tax treatment for both capital gains and dividends. Eighty-four million or over 50 percent of adult Americans invest in the stock market. And over 70 million own a home. The Jobs and Growth Tax Act puts dollars back into the pockets of millions of families by reducing the tax on dividends and capital gains to 5 percent for the lowest two tax brackets and 15 percent for the remaining brackets. This increases economic growth, as well as the incomes of working Americans. Seniors, who tend to own a larger share of stocks than other age group will benefit greatly from the much-needed tax relief in this bill. What does our economy need? The answer is before the House today: more jobs and tax relief. We must create more jobs and the best way to help companies, investors and entrepreneurs to create good, private- sector jobs is to reduce taxes across-the-board.”