Jobs And Growth Tax Relief Reconciliation Act of 2003

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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.

INVESTOPEDIA EXPLAINS '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'.

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RELATED FAQS
  1. What is the double taxation of dividends?

    After all is said and done, companies that have made a profit can do one of two things with the excess cash. They can (1) ... Read Full Answer >>
  2. Where on my 1040 form do I report AGI (adjusted gross income)?

    On a standard IRS Form 1040, you add up and report adjusted gross income, or AGI, on line 37. Line 37 appears on the first ... Read Full Answer >>
  3. What is the difference between AGI (adjusted gross income) and net income?

    Adjusted gross income, or AGI, is often referred to as "net income," although the two are not necessarily the same thing. ... Read Full Answer >>
  4. What are the deductions taken to determine AGI (adjusted gross income)?

    The Internal Revenue Service, or IRS, allows for specific deductions to be taken from your total gross income. These deductions ... Read Full Answer >>
  5. What is the difference between disposable and discretionary income?

    According to the Bureau of Economic Analysis, or BEA, disposable income is the amount of money an individual takes home after ... Read Full Answer >>
  6. How can I obtain an abatement for property taxes?

    Depending on where your property is located, your local city or county government may offer a property tax abatement program. ... Read Full Answer >>
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