May 16 2003

SENATE PASSES TAX BILL

Shelby Supported Efforts to Reinvigorate the American Economy

U.S. Senator Richard C. Shelby (R-AL) voted late last night in support of the ‘Jobs and Growth Reconciliation Tax Act.’ The legislation will provide $350 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 tax bill the Senate passed last night 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, the legislation eliminates the taxation of dividends and increases the exemptions for the alternative minimum tax (AMT).”

“Once this tax bill is signed into law, Americans will see lower taxes beginning this year. I support this year’s 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 a more robust tax cut pass the Senate, I believe the $350 billion tax cut will still bring meaningful tax relief.”