Jobs and Growth Tax Relief Reconciliation Act of 2003

Jobs and Growth Tax Relief Reconciliation Act of 2003

The Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003 expedited the 2001 Bush tax cuts, making them apply retroactively to the 2003 tax year (originally they were meant to go into effect in 2006).  JGTRRA further reduced the capitol gains tax and altered the exemption amount for the Alternative Minimum Tax.

Cry Wolf Quotes

[Obama tax proposal is] a bullet in the head for an awful lot of people that are going to be laid off and an awful lot of people who are hoping to get their jobs back.

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U.S. Chamber of Commerce economist Martin Regalia, The Hill.

The Obama Tax Plan Would Eliminate Hundreds of Thousands of Jobs Each Year….In other words, for Americans who are unemployed now, their prospects of employment would worsen under the Obama tax plan.

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The Heritage Foundation's study “Obama Tax Hikes: The Economic and Fiscal Effects".

[The rich are] the people who've been hit hardest by this recession and who we need to create the jobs that will get us out of it.

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Senate Minority Leader Mitch McConnell (R-KY). Speech on the Senate floor.

It's idiotic to think about increasing taxes at a time like this….this is going to result in the largest tax increase in U.S. history. And again, it's idiotic….But Democrats are poised now to cause this largest tax increase in U.S. history. It's a tax increase of $3.8 trillion over the next 10 years, and it will have an effect on every single American who pays an income tax. Small businesses especially will be hit hardest....

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Sarah Palin, Fox News.

Evidence