Jobs And Growth Tax Relief Reconciliation Act of 2003

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Jobs And Growth Tax Relief Reconciliation Act of 2003

Legislation in the United States that lowered most marginal tax brackets and reduced taxes in other ways. For example, the Act reclassified many dividends as long-term capital gains, which caused them to be taxed at a much lower rate. Proponents of the Act argued that it would spur economic growth and job creation following the 2001-2002 recession, while critics contended that it would increase the deficit unnecessarily and shift the tax burden from the wealthy to the middle class.
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With the passage of the so-called Bush tax cuts, implemented through the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003, the United States' marginal tax rates were significantly lowered and divided into six brackets: 10 percent, 15 percent, 25 percent, 28 percent, 33 percent and 35 percent.
According to Lou Miller, the partner who leads Crowe's National Tax Office, much of this uncertainty stems from whether the multiple tax reductions enacted by the Economic Growth and Tax Relief Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) will sunset as scheduled on Dec.
According to a Congressional Research Service (CRS) Report for Congress, The Alternative Minimum Tax for Individuals (RL30149), the effects of the legislative reductions in the regular income tax due to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) have caused more middle-income taxpayers to be subject to AMT.
In general, AB 115 conforms California tax law with the Economic Growth and Tax Relief Reconciliation Act of 2001; the Job Creation and Worker Assistance Act of 2002; the Jobs and Growth Tax Relief Reconciliation Act of 2003; the Medicare Prescription Drug, Improvement, and Modernization Act of 2003; the Working Families Tax Relief Act of 2004; and the American Jobs Creation Act of 2004.
The Jobs and Growth Tax Relief Reconciliation Act of 2003 provided advance payments of $400 per child because of an increase in the child tax credit from $600 to $1,000.
Known as the Extender Act, WFTRA continues tax cuts from the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).
This year, the slakes are even higher thanks to the passage of the federal Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), the third largest tax cut in U.
The news comes after a list of countries that satisfy the requirements of the US Jobs and Growth Tax Relief Reconciliation Act was published, confirming that US investors will only pay a maximum of 15 per cent on dividends from UK companies.
The package took the form of an amendment to the jobs and Growth Tax Relief Reconciliation Act of 2003 that President Bush had defined as his highest legislative priority for this year.
Despite coming in at about 20 pages in length, the jobs and Growth Tax Relief Reconciliation Act of 2003 still offers planning opportunities and pitfalls for CPAs.
Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the time the payment is made if the tax identification number is not properly certified.