Jobs And Growth Tax Relief Reconciliation Act of 2003


DEFINITION of 'Jobs And Growth Tax Relief Reconciliation Act of 2003'

An act passed by congress that was intended to improve the economy of the United States by reducing the taxes collected, giving the population more money to spend. The act was passed in May 2003 and signed into law shortly after.

BREAKING DOWN 'Jobs And Growth Tax Relief Reconciliation Act of 2003'

The passing of the Jobs and Growth Tax Relief Reconciliation Act of 2003 lowered the tax rate applied to dividend income by making this income count as capital gains instead of as a part of normal income. The act also simplified rules relating to qualifying retirement plans and increased the personal tax exemption amount of the 'alternative minimum tax'.

  1. Adjusted Gross Income - AGI

    A measure of income calculated from your gross income and used ...
  2. Dividend

    A distribution of a portion of a company's earnings, decided ...
  3. Income Tax

    A tax that governments impose on financial income generated by ...
  4. Alternative Minimum Tax - AMT

    A tax calculation that adds certain tax preference items back ...
  5. Capital Gain

    1. An increase in the value of a capital asset (investment or ...
  6. Tax Rate

    The percentage at which an individual or corporation is taxed. ...
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  3. Does a Flexible Spending Account (FSA) cover braces?

    Funds from a Flexible Spending Account (FSA) can be used to cover costs associated with installing, maintaining and removing ... Read Full Answer >>
  4. Does QVC charge sales tax?

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