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| Wilson Joins Bush Push To Create Jobs |
May 12, 2003 |
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Bush Visits New Mexico to Discuss Job Creation
Albuquerque, NM – Congresswoman Heather Wilson joined U.S. President George W. Bush in Bernalillo today, with a focus on keeping America working. Friday, Wilson voted for the Jobs and Growth Tax Reconciliation Act of 2003, which includes most of the economy-pumping provisions Bush spoke about today. The Bill, HR 2, will pump $200 billion into the economy and create 1.2 million new jobs by the end of 2004
“It`s always an honor to welcome the President to New Mexico,” said Wilson. “As our nation continues to wage the war on terrorism and establish a new regime in Iraq, we have never lost our focus on the importance of a strong economy at home.”
A tax rate cut on capital gains included in the bill will provide relief for the 50 percent of Americans who are invested in the stock market, as well as the 70 million Americans who own their homes. The expanded expensing and depreciation for small business will encourage companies to buy equipment and create jobs.
“We need more and better jobs, and small business people need confidence that the future looks good,” Wilson said. “Part of stimulating our economy is restoring people’s confidence in the future. The President’s understands that.” Wilson said today.
The Jobs and Growth Tax Reconciliation Act of 2003 contains the following provisions:
Acceleration of 2001 Economic Growth Provisions for Individuals
·Child credit – Increases child credit to $1,000 for 2003, 2004, and 2005.
·10 percent bracket – Accelerate the expansion of the 10 percent bracket for 2003, 2004, and 2005.
·Marriage penalty relief – Accelerate the expansion of the 15 percent bracket and the increase in the standard deduction for married persons filing joint returns for 2003, 2004, and 2005.
·Individual rate cuts – Accelerate the 2006 individual rate cut schedule to 2003. (Rates reduced from 28% to 25%; 31% to 28%; 36% to 33% and 39.6% to 35%.)
·Increase individual AMT exemption amount – Increases the AMT exemption amount by $7,500 for single persons and $15,000 for joint filers for 2003, 2004 and 2005.
Business and investment incentives
·Bonus depreciation – Increase bonus depreciation from 30 percent to 50 percent and extend through December 31, 2005.
·Small business expensing – For 2003 through 2007, increase the amount the small businesses can expense (immediately deduct) from $25,000 to $100,000. Increase definition of small business from $200,000 of capital purchases to $400,000. Provisions are indexed for inflation.
·Net operating loss carryback – Extend the 5-year net operating loss carryback for three years (2003 through 2005) and hold taxpayers harmless for AMT.
Dividends and capital gains
Dividend and capital gain tax rate reduction 5/15 – Reduces the tax rate on dividends and capital gains to 5 percent for taxpayers in the lowest tax brackets and to 15 percent for all other taxpayers.
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