FOR IMMEDIATE RELEASE
May 15, 2003
CONTACT: Kevin Schweers
HUTCHISON HAILS PASSAGE OF JOBS, GROWTH PACKAGE
Tax Bill Includes Hutchison Proposals for Marriage Penalty, Dividend Relief
WASHINGTON, DC -- Calling it a "critical step toward putting Americans back to work and bolstering our economy," U.S. Senator Kay Bailey Hutchison (R-TX) praised passage today of the Jobs and Growth Reconciliation Tax Act.
"Today the Senate is taking a big step forward to create jobs and spur economic growth," Senator Hutchison said. "While this bill is not perfect and does not go far enough, I'm hopeful we will provide more tax relief and remove the sunset provisions in the final product we send to the president."
"This legislation will allow Americans to keep more of their hard earned dollars and invest in their communities and the economy. I am especially pleased this bill includes my proposals to eliminate the marriage penalty and reduce the tax on dividends."
The Senate tax relief package would generate an estimated 35,000 new jobs in Texas in 2004 and a total of 131,105 new jobs by 2008 according to The Heritage Foundation. Two key provisions in the legislation – marriage penalty relief and lowering taxes of dividends – were introduced by Senator Hutchison.
"With this bill we have the opportunity to reduce the double taxation of dividends and alleviate this inequity in our tax code," said Senator Hutchison. "It will benefit senior citizens who rely on dividend income for basic necessities and give all shareholders more money to reinvest in the stock market and help stabilize the economy as a whole."
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