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
This is the largest tax increase in American history….the looming tax hike will make it harder for small businesses to keep their doors open. These are not only the people who create jobs, but not only that, they represent the spirit of America.
Well let's get into the old class warfare again. Let's get the rich…The American people want us to stop spending and so let's just give 'em some certainty and let's extend the tax...existing tax cuts.
[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.
[This is] a fight to allow businesses, taxpayers and private industry to keep more of their money so that they can provide real stimulus and lasting growth to the economy.
Evidence
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Tax Cuts on the Rich Don't Spur Economic Growth
The Center for American Progress takes apart supply side myths.
