May 23 2003

SHELBY APPLAUDS PASSAGE OF TAX BILL

Both the Senate and House passed the ‘Jobs and Growth Reconciliation Tax Act’ conference report. The legislation, which Senator Shelby supported, will provide $330 billion in tax relief and includes provisions that reduce the tax burden for all Americans. Senator Shelby had the following statement about the legislation:

“The Jobs and Growth package passed by the House and Senate provides tax relief to hardworking Alabamians. Specifically, the bill includes provisions that would reduce marginal income tax rates and expand the 10% bracket. The bill also increases the child tax credit to $1000 per child and provides marriage penalty relief. Finally, I’m pleased the legislation reduces taxes on capital gains and dividends.”

“The bill is now on its way to the White House for the President’s signature. Upon signing this legislation into law, Americans will see lower taxes beginning this year. I support this tax cut because it will spur economic growth and put more money into the pockets of those who earn it. Although I would have liked to have seen Congress agree on a more robust tax cut, I believe this legislation will still bring meaningful tax relief.”