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OPA News Release: [07/30/2003] Contact Name: Ed
Frank Phone Number: (202) 693-4676
Chao, Snow, Evans Visit Minnesota on the Jobs &
Growth Tour
Today, Labor Secretary Elaine L. Chao, Treasury Secretary John Snow and
Commerce Secretary Don Evans visited Minnesota on their Jobs & Growth
Tour to discuss the state of the economy and the recently enacted jobs
and growth planas well as other efforts by President Bush to create jobs,
strengthen the economic recovery and increase workers standards of
living.
Today, during the Jobs and Growth Tour Secretaries Chao,
Snow and Evans participated in town hall style meetings, roundtables, and
tours. They met with families, workers, manufacturers, local business leaders,
economic officials, small business owners, seniors and individual investors.
They attended a job training event at the Mayo Clinic in Rochester, Minn.;
participated in an Investor Roundtable at the St. Paul Chamber of Commerce in
St. Paul, Minn.; and participated in a Town Hall Event with Best Buy
Corporation in Richfield, Minn.
Its been very rewarding to travel throughout the heartland
and hear how the Presidents jobs and growth plan is helping working men
and women and their families. This trip has reinforced my belief that the
Presidents plan is key to getting our economy moving and ensuring that
every American who wants a job can find a job, said Secretary Elaine L.
Chao.
Creating and securing jobs, growing the economy, and allowing
taxpayers to keep more of their own money are the goals of the Jobs and Growth
Package-we have been seeing those results on our tour through Wisconsin and
Minnesota, stated Secretary Snow. We had an excellent opportunity
to meet with factory workers, families, and small business entrepreneurs-and
hear their hopes and concerns. I am confident that the economy has turned the
corner, is gaining momentum, and that the Jobs and Growth plan is beginning to
have a positive effect.
The Jobs and Growth tour allowed us to meet the people that the
Presidents tax cut benefits the most; small business owners who plan on
expanding their businesses and creating new jobs, the unemployed workers they
will hire and the families who are keeping more of their hard earned money to
save, invest or spend, said Evans. The last two days we have heard
from the people of Wisconsin and Minnesota about the economy, and I am
heartened that they share President Bushs optimism that, despite the
challenges, Americas best economic days still lie ahead.
Many hardworking Minnesota families and small businesses benefit greatly
from the Jobs and Growth Act. As an example:
- More than 1.7 million taxpayers in Minnesota will have lower
income tax bills in 2003 under the Jobs and Growth Tax Relief Reconciliation
Act of 2003.
- More than 430,000 business taxpayers can use their tax savings
to invest in new equipment, hire additional workers, and increase pay.
- More than 1.4 million married couples and single filers will
benefit from the acceleration to 2003 of the expansion of the 10-percent
bracket scheduled for 2008.
- 540,000 taxpayers in Minnesota will benefit from the
acceleration to 2003 of the reductions in income tax rates in excess of
15-percent scheduled for 2004 and 2006.
- More than 710,000 married couples in Minnesota will benefit
from the acceleration to 2003 of provisions that increase the standard
deduction for joint filers to double the amount for single filers and increase
the width of the 15-percent bracket to twice the width for single filers. These
two provisions were scheduled to phase in between 2005 and 2009.
- Nearly 470,000 married couples and single parents in Minnesota
will benefit from the acceleration to 2003 of the increase in the child tax
credit from $600 to $1,000 that was scheduled to phase in between 2005 and
2010.
- More than 500,000 taxpayers in Minnesota will benefit from the
reduced tax rates on capital gains and dividends.
SOURCE: Counts are for the number of returns filed in 2002 that would
have benefited from the package. These estimates are based on tabulations from
all individual income tax returns processed by the Internal Revenue Service in
2002. Most of these returns covered tax year 2001.
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