Capital Hill Watch
Jobs and Growth
Tax Act of 2003
The House of
Representatives is expected to vote on the Jobs and Growth Tax Act of
2003 (H.R. 2) (To view: Full
text of legislation) on Friday, May 9, 2003.
The measure for individuals will accelerate the tax relief of President
Bush of 2001. For example, the
child credit will be increased to $1,000 for 2003, 2004, and 2005. The expansion of the 10 percent tax bracket
will be accelerated for 2003, 2004, and 2005.
For 2003, 2004, and 2005, the expansion of the 15 percent tax bracket
will be increased and the standard deduction for married individuals filing
joint returns will be increased. The
2006 rates for individual rate cuts would now start in 2003 from 28 percent
to 25 percent; 31 percent to 28 percent; and 36 percent 33 percent and
39.6 percent to 35 percent. For
2003, 2004 and 2005 the Alternative Minimum Tax (ATM) exemption will be
increased for single individuals to $7,500 and for joint filers $15,000.
For business and investment
the bonus depreciation will be extended through December 31, 2005, and
increased from 30 percent to 50 percent.
The amount small businesses can expense (immediately deduct)
is increased from $25,000 to $100,000 for 2003 through 2007. Also, the
definition of small business is increased from $200,000 of capital purchases
to $400,000. Indexed for inflation are the provisions.
For three years (2003 through 2005) the five-year net operating
loss carryback is extended. And for AMT the taxpayers are held harmless.
dividends and capital gains for taxpayers in the lowest tax bracket,
the tax rate is reduced five percent and for all other taxpayers it
is lowered to 15 percent.
What Can You Do?
representative to SUPPORT the Jobs and Growth Tax Act of 2003 (H.R. 2).
Hill Switchboard Numbers: 202-225-3121 or 202-224-3121 (Those numbers
will direct you to the Capitol Hill operator. Ask for your representative's
to your representative's website, find his E-mail or to find out who
your representatives are... http://www.house.gov/house/MemberWWW.html
mail your U.S. House of Representative, go to http://www.house.gov/htbin/wrep_findrep.
Honorable (full name)
United States House of Representatives
Washington, DC 20515
Dear Representative (last name):
to the American Voice Institute of Public Policy Home Page