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

The GOP has two primary motivations. The first concerns the pain that tax increases threaten to inflict on our economy over the short term. The second is to stop the slide under our current leadership towards becoming a stagnant European-style welfare state with limited individual opportunity and entrepreneurship.

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House minority whip Eric Cantor (R-VA), Wall Street Journal.

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".

[We have] High unemployment because small businesses, people who make $250,000 a year, are not spending and investing and it will get worse if we don’t extend those tax cuts.

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Sean Hannity, Fox News' Hannity.

Most economists believe that they [rich people] would spend the money and stimulate the economy.

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Gretchen Carlson, co-host of Fox & Friends.

Evidence