4.73 Million New Jobs

WASHINGTON – In 2003 President Bush signed into law the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). The legislation cut income tax rates, reduced the capital gains tax rate by 25 percent and substantially reduced the double tax placed on dividends. Immediately following the tax cut, economic growth, job creation, stock prices, dividends, and personal income skyrocketed. The 2003 tax cut has been an unmitigated success and should be extended.

The tremendous economic growth spurred by the tax cut created millions of new jobs. Prior to passing the tax cut, economic pessimists complained about the worst economy since the Great Depression. Yet, once the tax cut passed, which these pessimists opposed, job creation skyrocketed. Since June 2003, 4.73 million new jobs have been created and the unemployment rate stands at a stellar 4.7 percent.

Congress needs to extend the lower tax rates on dividends and capital gains.

4.73 Million New Jobs Created Since Tax Cut Was Enacted