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
[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.
[This is] a fight to allow businesses, taxpayers and private industry to keep more of their money so that they can provide real stimulus and lasting growth to the economy.
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.
President Obama and Speaker Nancy Pelosi want to keep the current rates on income, capital gains and dividends in place only for those who happen to fit their description of ‘middle class.’ In this moment of economic distress, will they get their way even though a bipartisan majority of the House disagrees with them? Or will present tax rates be extended for all American taxpayers—and most importantly for small businesses and investors, the nation's job creators?
Evidence
-
Tax Cuts on the Rich Don't Spur Economic Growth
The Center for American Progress takes apart supply side myths.