Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
Definition of 'Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)'
The JGTRRA made a number of changes to the U.S. tax code, including:
* Reducing the top marginal income tax rate from 35% to 35%.
* Increasing the standard deduction for individuals and families.
* Creating new tax breaks for education, retirement savings, and home ownership.
* Allowing businesses to expense more of their investments in new equipment.
* Reducing the capital gains tax rate from 20% to 15%.
The JGTRRA was a controversial law, with critics arguing that it would increase the federal deficit and do little to stimulate the economy. However, the law was popular with many voters, and it helped to give President Bush a boost in the polls.
The JGTRRA was scheduled to expire in 2010, but was extended through 2012 by the Tax Relief Act of 2010. In 2013, the American Taxpayer Relief Act of 2012 made permanent most of the individual tax cuts enacted by the JGTRRA, but allowed the top marginal income tax rate to increase to 39.6%.
The JGTRRA had a significant impact on the U.S. economy. The tax cuts helped to boost consumer spending and economic growth, and they also contributed to a decline in the federal deficit. However, the law also increased the national debt, and it is unclear whether the long-term benefits of the tax cuts outweigh the costs.
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