Encyclopedia > Jobs and Growth Tax Relief Reconciliation Act of 2003
The Jobs and Growth Tax Relief Reconciliation Act of 2003 was passed by the United States Congress on May 23, 2003 and signed by President Bush five days later. The Congress of the United States is the legislative branch of the federal government of the United States of America. ...
May 23 is the 143rd day of the year in the Gregorian calendar (144th in leap years). ...
2003 is a common year starting on Wednesday of the Gregorian calendar. ...
For the pop band, see Presidents of the United States of America. ...
Order: 43rd President of United States Vice President: Dick Cheney Term of office: January 20, 2001 – Present (Current Term will end on January 20, 2009. ...
Among other provisions, the act accelerated certain tax changes passed in the Economic Growth and Tax Relief Reconciliation Act of 2001, increased the exemption amount for the individual Alternative Minimum Tax, and lowered taxes of income from dividends and capital gains. The Economic Growth and Tax Relief Reconciliation Act of 2001 was a sweeping piece of tax legislation in the United States. ...
The Alternative Minimum Tax (AMT) system exists as a parallel United States. ...
Income, generally defined, is the money that is received as a result of the normal business activities of an individual or a business. ...
A dividend is the distribution of profits to a companys shareholders. ...
In finance, a capital gain is profit that is realized from the sale of an asset that was previously purchased at a lower price. ...
There was considerable controversy over who benefitted from the tax cuts. Bush's supporters and proponents of lower taxes claimed that the tax cuts increased the pace of economic recovery and job creation. His opponents, for their part, charged that the cuts favored the wealthy and special interests. Supporters argued that the economy was already slowing down when Bush took office and that little of the economic downturn of 2002 was due to Bush's agendas when considering lag time in the effects of policy changes on the economy. Critics argued that the tax cuts disproportionately benefitted the wealthy, although this was also controversial. In terms of the progressivity of the tax code, the cuts appeared to have been largely neutral, although opponents claim that the reductions in capital-gains tax rates are likely to disproportionately benefit wealthy investors, despite capital-gains rates being cut much further for lower-income individuals. A progressive tax, or graduated tax, is a tax that is larger as a percentage of income for those with larger incomes. ...
The Congressional Budget Office estimated that the tax cuts would increase budget deficits by $60 billion in 2003 and by $340 billion by 2008. Supporters of the president argue that this analysis ignores the potential growth that the act could encourage. (It is worth noting that the Bush administration has used "dynamic scoring"--taking potential behavior changes caused by the act into account in estimating the act's consequences--to forecast lower deficits than independent economists do; every year, the administration has forecast lower deficits, and it has been wrong every year, as the actual deficits far outpaced the administration's forecasts.) Supporters also argue that this would be further supported by analyzing the effect of the economic shock of the terrorist events of September 11, 2001. The terrorist fears, resulting reduction in travel and consumer expenditure, and increased security expenditures, they say, are a prime example of an economic cost shock, and they suggest that the recession of 2001 and 2002 would have been drastically worse had no attempts at promoting economic growth by reducing taxes been made, though there is no empirical evidence to support this claim (nor could there be). The lag between policy making and economic impact suggests the possibility to be remote. The Congressional Budget Office is a federal agency within the legislative branch of the United States government. ...
A budget deficit occurs when an entity (often a government) spends more money than it takes in. ...
2008 is a leap year starting on Tuesday of the Gregorian calendar. ...
Congressional action Final House vote: | Vote by Party | Yea | Nay | | Republicans | 224 | 99.6% | 1 | 0.4% | | Democrats | 7 | 3.4% | 198 | 96.6% | | Independents | 0 | 0.0% | 1 | 100% | | Total | 231 | 53.6% | 200 | 46.4% | | Non-voting: 4 Republicans | Final Senate vote: | Vote by Party | Yea | Nay | | Republicans | 48 | 3 | | Democrats | 2 | 46 | | Independents | 0 | 1 | | Vice President (R): Yea | | Total | 51 | 50 |
Tax brackets for single filers Ordinary taxable income for use in filing returns due April 15, 2005: (1) April 15 is the 105th day of the year in the Gregorian calendar (106th in leap years). ...
2005 is a common year starting on Saturday of the Gregorian calendar and is the current year. ...
| Income level | Tax rate | | up to $7,150 | 10% | | $7,151 - $29,050 | 15% | | $29,051 - $70,350 | 25% | | $70,351 - $146,750 | 28% | | $146,751- $319,100 | 33% | | over $319,100 | 35% |
See also Taxation in the United States is a complex system which may involve payments to at least four different levels of government: Local government, possibly including one or more of municipal, township, district and county governments Regional entities such as school, utility and transit districts State government Federal government The federal...
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| Tax Acts of the United States | | 1861 | 1862 | 1894 | 1913 | 1916 | 1917 | 1918 | 1921 | 1924 | 1926 | 1928 | 1932 | 1940 | 1940 | 1941 | 1942 | 1943 | 1943 | 1944 | 1945 | 1948 | 1950 | 1950 | 1951 | 1954 | 1954 | 1962 | 1964 | 1968 | 1969 | 1971 | 1975 | 1976 | 1977 | 1978 | 1981 | 1982 | 1982 | 1983 | 1984 | 1986 | 1986 | 1990 | 1993 | 1997 | 2001 | 2002 | 2003 | Taxation in the United States is a complex system which may involve payments to at least four different levels of government: Local government, possibly including one or more of municipal, township, district and county governments Regional entities such as school, utility and transit districts State government Federal government The federal...
The Revenue Act of 1861 proposed that there shall be levied, collected, and paid, upon annual income of every person residing in the U.S. whether derived from any kind of property, or from any professional trade, employment, or vocation carried on in the United States or elsewhere, or from...
The Revenue Act of 1862 was passed by the United States Congress during the Civil War. ...
The Wilson-Gorman tariff of 1894 slightly reduced the U.S. tariff rates from the numbers set in the 1890 McKinley tariff. ...
Revenue Act of 1913 - Wikipedia /**/ @import /skins/monobook/IE50Fixes. ...
The United States Revenue Act of 1916 raised the lowest income tax rate from 1 percent to 2 percent and raised the top rate to 15 percent on taxpayers with incomes above $2 million. ...
The United States War Revenue Act of 1917 greatly increased federal income tax rates while simultaneously lowering exemptions. ...
The Revenue Act of 1918 raised income tax rates once again. ...
The United States Revenue Act of 1921 repealed the wartime excess profits tax. ...
The United States Revenue Act of 1924 cut federal tax rates and established the U.S. Board of Tax Appeals, which was later renamed the Tax Court of the United States in 1942. ...
The United States Revenue Act of 1926 reduced inheritance and personal income taxes, cancelled many excise imposts, and ended public access to federal income tax returns. ...
The Revenue Act of 1932 raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. ...
The Revenue Act of 1940 temporarily and permanently increased individual income tax rates, temporarily and permanently increased corporate tax rates (top rate rose from 19% to 22. ...
The United States Second Revenue Act of 1940 created a corporate excess profits tax (top rate 50%) and increased corporate tax rates (top rate from 22. ...
The Revenue Act of 1941 permanently extended the temporary individual, corporate, and excise tax increases of 1940, increased the excess profits tax by 10 percentage points (top rate rose from 50 to 60 percent), and increased corporate tax rates 6-7 percentage points (top rate increased from 24 percent to...
The United States Revenue Act of 1942 increased individual income tax rates, increased corporate tax rates (top rate rose from 31 percent to 40 percent), and reduced the personal exemption amount from $1,500 to $1,200 (married couples). ...
The United States Revenue Act of 1943 increased federal excise taxes on, among other things, alcohol, jewelry, telephones, and admissions, and raised the excess profits tax rate from 90 percent to 95 percent. ...
The Current Tax Payment Act of 1943 introduced the concept of income tax withholding in the United States. ...
The Individual Income Tax Act of 1944 raised individual income tax rates in the United States and repealed the 3 percent Victory Tax. ...
The United States Revenue Act of 1945 repealed the excess profits tax, reduced individual income tax rates (the top rate fell from 94 percent to 86. ...
The United States Revenue Act of 1948 reduced individual income tax rates 5-13 percent, increased the personal exemption amount from $500 to $600, permitted married couples to split their incomes for tax purposes, and provided additional exemption for taxpayers age 65 and older. ...
The United States Revenue Act of 1950 eliminated a portion of the individual income tax rate reductions from the 1945 and 1948 tax acts, and increased the top corporate rate from 38 percent to 45 percent. ...
The United States Excess Profits Tax of 1950 created a temporary excess profits tax of 30 percent up through June 30, 1953. ...
The United States Revenue Act of 1951 temporarily increased individual income tax rates through 1953, and temporarily raised corporate tax rates 5 percentage points through March 31, 1954. ...
The United States Excise Tax Reduction Act of 1954 actually temporarily extended the 1951 excise tax increases (through March 31, 1955), but also reduced excise tax rates on, among other things, telephones, admissions, and jewelry. ...
The United States Internal Revenue Code of 1954 temporarily extended the 5 percentage point increase in corporate tax rates through March 31, 1955, increased depreciation deductions by providing additional depreciation schedules, and created a 4 percent dividend tax credit for individuals. ...
The United States Revenue Act of 1962 established a 7 percent investment tax credit and required information reporting to the government for interest and dividend payments. ...
The United States Revenue Act of 1964 reduced individual income tax rates (the top rate fell from 91 percent to 70 percent), and reduced the top corporate rate from 52 percent to 48 percent. ...
The United States Revenue and Expenditure Control Act of 1968 created a temporary 10 percent income tax surcharge on both individuals and corporations through June 30, 1969. ...
The United States Tax Reform Act of 1969 established individual and corporate minimum taxes, established a new tax schedule for single taxpayers, and lowered the maximum rate on earned income from 70 percent to 50 percent. ...
The United States Revenue Act of 1971 reinstated the investment tax credit, repealed the 7 percent automobile excise tax, and increased the minimum standard deduction from $1,000 to $1,300. ...
The United States Tax Reduction Act of 1975 provided a 10 percent rebate on 1974 tax liability ($200 cap) and created a temporary $30 general tax credit for each taxpayer and dependent. ...
The Tax Reform Act of 1976 was passed by the United States Congress in September of 1976, and signed into law by President Gerald Ford on October 4, 1976, becoming public law 94-455. ...
The Tax Reduction and Simplification Act of 1977 was passed by the 95th United States Congress and signed into law by President James Carter on May 23, 1977. ...
The United States Revenue Act of 1978 reduced individual income taxes (widened tax brackets and reduced the number of tax rates), increased the personal exemption from $750 to $1,000, reduced corporate tax rates (the top rate falling from 48 percent to 46 percent), increased the standard deduction from $3...
The Kemp-Roth Tax Cut (officially the Economic Recovery Tax Act, or ERTA) of 1981 reduced marginal income tax in the United States rates by approximately 25% over three years (the top rate falling to 50% from 70% while the bottom rate dropped to 11% from 14%) and indexed them...
The United States Tax Equity and Fiscal Responsibility Act of 1982 rescinded some of the effects of the huge Kemp-Roth Tax Cut passed the year before. ...
The Highway Revenue Act of 1982 temporarily increased the United States gasoline excise tax from 4 cents to 9 cents through September 30, 1988. ...
The Consolidated Omnibus Budget Reconciliation Act, commonly referred to instead by its acronym COBRA, is a U.S federal statute from 1986 known best for its provisions that modified the Employee Retirement Income Security Act, a federal law governing employee benefit plans, to require those plans to provide the right...
President Ronald Reagan signs the Tax Reform Act of 1986 on the South Lawn. ...
The Omnibus Budget Reconciliation Act of 1990 (or OBRA-90) was designed to reduce the United States federal budget deficit. ...
The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was passed by the 103rd United States Congress and signed into law by President Bill Clinton. ...
The Taxpayer Relief Act of 1997 reduced several federal taxes in the United States. ...
The Economic Growth and Tax Relief Reconciliation Act of 2001 was a sweeping piece of tax legislation in the United States. ...
The Job Creation and Worker Assistance Act of 2002 increased carryback of net operating losses to 5 years (through September 2003), extended the exception under Subpart F for active financing income (through 2006), and created 30 percent expensing for certain capital asset purchases (through September 2004). ...
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