After Months of Back and Forth, Bush Signs $350 Billion Tax Cut

Duff, Susanna
May 2003
Bond Buyer;5/29/2003, Vol. 344 Issue 31645, p5
Trade Publication
U.S. President George W. Bush has approved the Jobs and Growth Tax Relief Reconciliation Act of 2003 for its enactment as a law on May 28, 2003 at a ceremony in the East Wing of the White House. The 350 billion dollars tax deduction package, approved by the House and Senate on 23 May 2003, will reduce taxes on dividends and capital gains in a way that provides less of a threat to the tax-exempt municipal bond market than the president's original dividend plan and will help fiscally strapped states by providing them with 20 billion dollar in grants the next two years. The bill would divert institutional investors away from tax-exempt bonds because they could not include the interest in a so-called excludable dividend account and pass it along tax-free to shareholders.


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