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Home / Services / Calculators / Newsletter / Archives Jobs and Growth Tax Act of 2003 The President's economic growth package has been introduced to congress as H.R.2, the Jobs and Growth Tax Act of 2003. It would expand the 10% tax bracket to the first $7,000 for single returns and $14,000 for joint returns. It accelerates the reduction of the individual tax rates. This would mean that a taxpayer in the 27% bracket would see their rates lowered to 25%. Those in the 30% will be lowered to 28%. Those in the 35% will be lowered to 33%. Those in the 38.6% will be lowered to 35%. It will provide relief from the marriage penalty. The standard deduction for married filing a joint return will be exactly twice the amount of a single taxpayer, and the top dollar of the 15% tax bracket would be exactly twice the amount for a single taxpayer. For 2003 this would result in the standard deduction rising from $7,950 to $9,500. It would increase the child credit to $1,000 for children under 17. It would eliminate the double taxation of dividends. It would allow business to expense more of the equipment it purchases. It would make the tax reductions enacted in 2001 permanent. (April, 2003 Newsletter)
James E. Newland, CPA 939 Center Road Eastlake, Ohio 44095 440-951-9799 |
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