One-Year Anniversary of the Jobs & Growth Act of 2003
“By ensuring that Americans have more to spend, to save, and to invest, this legislation is adding fuel to an economic recovery. We have taken aggressive action to strengthen the foundation of our economy so that every American who wants to work will be able to find a job.” —President George W. Bush, May 28, 2003
One year ago today, President Bush signed into law the Jobs and Growth Tax Relief Reconciliation Act of 2003, enabling America’s workers, families, and businesses to keep more of their own money and laying a foundation for economic growth and job creation now and for years to come.
? Combined with the President’s 2001 tax relief, the new Jobs and Growth Act provides real benefits to millions of American taxpayers. This year:
111 million individuals and families will receive an average tax cut of $1,586.
49 million married couples will have an average tax cut of $2,602.
43 million families with children will receive an average tax cut of $2,090.
14 million elderly individuals will see their taxes fall, on average, by $1,883.
25 million small business owners will receive an average tax cut of $3,001.
Background - Millions of Americans are Benefiting from the President’s 2003 Tax Relief
Just one year later, the record shows that the President’s policies have turned our economy around.
? The President’s tax relief is helping America’s job seekers. Since the President signed the tax relief:
Over 1 million new jobs have been created for America’s workers;
The unemployment rate fell from 6.1 percent to just 5.6 percent, lower than the average unemployment rates in the 1970s, 1980s and 1990s;
State unemployment rates fell in forty-seven out of fifty states; and
Real GDP grew at a 5.6 percent annual rate - the fastest in nearly 20 years.
? The President’s tax relief is helping the budgets of America’s families. Since the President signed the tax relief:
o Real disposable personal income is up at an average annual rate of 3.9 percent;
o Household wealth is at a record high of $44 trillion;
o Housing starts rose to the highest level in two decades by the end of 2003 and have remained high;
o Homeownership has risen 0.4 percentage points to a record high of 68.6 percent;
o Consumer confidence is up from May 2003 to May 2004; and
o The stock market is up 18%.
? The President’s tax relief is helping America’s businesses. Since the President signed the tax relief:
o The stock market is up 18%, increasing America’s capital base by more than $2 trillion;
o Real business investment in equipment and software is up 14 percent at an annual rate, the fastest 3-quarter increase since the late 1990s; and
o More manufacturers have been reporting increased activity and new orders than at any time in the last 20 years.