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Arriving for the State Dinner President George W. Bush, Philippine President Gloria Macapagal-Arroyo, her husband Jose Miguel Arroyo and Laura Bush greet the press from the North Portico of the White House Monday, May 19, 2003.
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 Home > News & Policies > Policies in Focus > Economy & Budget

Strengthening the Economy: Jobs and Economic Growth

President Bush pitches in on a construction project during a tour of the Carpenters Joint Apprenticeship Center in Pittsburgh, Pa. The President’s Council of Economic Advisers, CEA, estimates the Jobs and Growth plan will create 1.4 million new jobs by the end of 2004, with 510,000 jobs created in 2003 and another 891,000 jobs created in 2004. White House photo by Paul Morse.
President Bush pitches in on a construction project during a tour of the Carpenters Joint Apprenticeship Center in Pittsburgh, Pa. The President’s Council of Economic Advisers, CEA, estimates the Jobs and Growth plan will create 1.4 million new jobs by the end of 2004, with 510,000 jobs created in 2003 and another 891,000 jobs created in 2004.

The Jobs and Growth Act of 2003

President Bush signed the Jobs and Growth Act of 2003 on May 28, 2003 and is a victory for American workers, American families, American investors and American entrepreneurs and small businesses.

This law will enable the American people to keep more of their own money, and the more money people have in their pockets, the more likely it is that people looking for work will find a job.

In 2003, 91 million taxpayers will receive, on average, a tax cut of $1,126 under the Jobs and Growth Act of 2003.

  • 68 million women will see their taxes decline, on average, by $1,338.

  • 45 million married couples will receive average tax cuts of $1,786.

  • 34 million families with children will benefit from an average tax cut of $1,549.

  • 6 million single women with children will receive an average tax cut of $558.

  • 12 million elderly taxpayers will receive an average tax cut of $1,401.

  • 23 million small business owners will receive tax cuts averaging $2,209.

  • 3 million individuals and families will have their income tax liability completely eliminated by the Act.

Example: A married couple with two children and income of $40,000 will see their taxes decline under the Jobs and Growth Act of 2003 by $1,133-from $1,178 to $45 in 2003, a decline of 96 percent.

Families with children will get relief quickly due to the acceleration of the child tax credit from $600 to $1,000 per child. Beginning in mid-July, the Treasury Department will issue checks of $400 per child to taxpayers who claimed a child tax credit on their 2002 return. Most taxpayers will see their paychecks grow as companies reduce the amount of tax withheld to reflect reduced tax rates.

Congress is to be applauded for getting this bill to the President's desk promptly.

The President is optimistic that the Jobs and Growth Act of 2003 will grow the economy and create new jobs. The President will not be satisfied until every American who is looking for work can find it; every business has a chance to grow; and prosperity reaches every corner of America.

Speeches and News Releases
October 16, 2003
President Bush Discusses Progress with the Economy
 
October 10, 2003
Dr. Greg Mankiw Hosts "Ask the White House"
 
October 9, 2003
President Bush Discusses Economic Strategy From New Hampshire
 
October 7, 2003
President Discusses National, Economic Security in Cabinet Meeting
President George W. Bush discusses National Economic Security during a Cabinet Meeting, Tuesday, Oct. 7, 2003. White House photo by Eric Draper.
 
October 3, 2003
President Bush Discusses Economy, Small Business in Wisconsin
 
More News »
Press Briefings
  Briefing Excerpts 9/26/2003
  Briefing Excerpts 9/9/2003
  Briefing Excerpts 9/2/2003
  Briefing Excerpts 9/1/2003
  Briefing Excerpts 8/28/2003
  Briefing Excerpts 8/12/2003
  Briefing Excerpts 5/20/2003
  Briefing Excerpts 5/19/2003
  Briefing Excerpts 5/16/2003
  Briefing Excerpts 5/15/2003
  Briefing Excerpts 5/14/2003
  Briefing Excerpts 5/8/2003
  Briefing Excerpts 5/6/2003
  Briefing Excerpts 4/30/2003
 
More Excerpts »
Documents
  Fact Sheet: Building Momentum for New Job Creation
  Fact Sheet: President Bush Taking Action to Strengthen America's Economy
Documents
  Economists & Industry Respond
  Dept. of Commerce
  Dept. of Labor
  OMB
  Dept. of Treasury




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