Jobs and Growth Tax Relief Reconciliation Act of 2003
E893263
The Jobs and Growth Tax Relief Reconciliation Act of 2003 was a major U.S. federal tax cut law that reduced income, dividend, and capital gains taxes in an effort to stimulate economic growth during the George W. Bush presidency.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Jobs and Growth Tax Relief Reconciliation Act of 2003 canonical | 2 |
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
tax cut law ⓘ |
| accelerated | income tax rate reductions scheduled under the Economic Growth and Tax Relief Reconciliation Act of 2001 ⓘ |
| alsoKnownAs | 2003 tax cut ⓘ |
| appliesTo | federal income taxpayers ⓘ |
| billNumber | H.R. 2 (108th Congress) NERFINISHED ⓘ |
| budgetImpact | increased federal budget deficit ⓘ |
| chamberInvolved |
United States House of Representatives
ⓘ
United States Senate ⓘ |
| componentOf | Bush tax cuts NERFINISHED ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| criticizedFor |
disproportionate benefits for higher-income taxpayers
ⓘ
worsening long-term fiscal outlook ⓘ |
| dateSigned | 2003-05-28 ⓘ |
| economicContext |
aftermath of the 2001 recession
ⓘ
early 2000s economic slowdown ⓘ post-dot-com bubble period ⓘ |
| includedProvision |
bonus depreciation for business investment
ⓘ
child tax credit increase acceleration ⓘ increase in Section 179 expensing limits ⓘ marriage penalty relief acceleration ⓘ |
| introducedPreferentialRateFor | qualified dividends ⓘ |
| jurisdiction | Internal Revenue Code of 1986 NERFINISHED ⓘ |
| justification |
boost consumer spending
ⓘ
increase employment ⓘ stimulate investment ⓘ |
| legislativeBody | United States Congress ⓘ |
| opposedBy | most Democratic Party members in Congress ⓘ |
| policyArea |
economic policy
ⓘ
taxation ⓘ |
| presidencyOf | George W. Bush NERFINISHED ⓘ |
| primaryObjective |
provide tax relief
ⓘ
stimulate economic growth ⓘ |
| publicLawNumber | Public Law 108-27 NERFINISHED ⓘ |
| reducedTaxType |
capital gains tax
ⓘ
dividend tax ⓘ individual income tax ⓘ |
| relatedTo | Economic Growth and Tax Relief Reconciliation Act of 2001 NERFINISHED ⓘ |
| shortName | JGTRRA NERFINISHED ⓘ |
| signedBy | George W. Bush ⓘ |
| subjectTo | reconciliation procedures under the Congressional Budget Act of 1974 ⓘ |
| supportedBy | Republican Party leaders in Congress NERFINISHED ⓘ |
| temporalNature | many provisions scheduled to expire (sunset) ⓘ |
| temporarilyReduced | individual income tax rates across several brackets ⓘ |
| topCapitalGainsTaxRateAfterAct | 15 percent ⓘ |
| topDividendTaxRateAfterAct | 15 percent ⓘ |
| usedProcedure | budget reconciliation in the U.S. Senate ⓘ |
| yearEnacted | 2003 ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.