FROM THE OFFICE OF PUBLIC AFFAIRS

May 28, 2004
JS-1695

Statement of Treasury Secretary John W. Snow
On the Anniversary of the Jobs and Growth Tax Relief Act of 2003
May 28, 2004

One year ago this week, President Bush signed the Jobs and Growth Tax Relief Act of 2003. The passage and signing of that bill unleashed the enormous potential of our free-market economy and the results are a great victory for hardworking Americans.

Since the bill’s signing, our economy has experienced a full turnaround and is firing on all cylinders. Economic indicators across the board are very strong, including three quarters of GDP growth that were the strongest in almost 20 years and the creation of 1.1 million new jobs over the past 8 months. The unemployment rate has gone down in 47 of the 50 states over the past year, and household wealth is at an all-time high.

There can be no doubt that the Jobs and Growth Tax Relief Act gave our economy the boost it needed and had a direct impact on the return of our country’s extraordinary economic strength and job-creation capabilities.

Under the Jobs and Growth tax cuts, American families benefited from speeding up the income tax rate reductions, increasing the child credit, and marriage penalty relief. Small businesses – America’s job creators – were helped by a reduction in tax rates on owners and entrepreneurs, and by dramatically increasing the amount they can deduct when buying new equipment.

The Jobs and Growth Tax Relief Act worked for our economy, and for Americans seeking jobs. Just one year after its signing, people are finding jobs and seeing their paychecks increase, and that kind of security is the President's top economic priority.

Congress should work with the President to ensure further economic growth by making the Jobs and Growth tax cuts permanent. Without continued tax relief that families, investors and job-creators can count on, sustained economic progress cannot be guaranteed.