EVANS, SNOW & CHAO VISIT MINNESOTA ON THE
JOBS & GROWTH TOUR

Today, Commerce Secretary Don Evans, Treasury Secretary John Snow, and Labor Secretary Elaine L. Chao visited Minnesota on their “Jobs & Growth Tour” to discuss the state of the economy and the recently enacted jobs and growth plan - as 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 Evans, Snow and Chao 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, MN; participated in an Investor Roundtable at the St. Paul Chamber of Commerce in St. Paul, MN; and participated in a Town Hall Event with Best Buy Corporation in Richfield, MN.

“The Jobs and Growth tour allowed us to meet the people that the President's 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 Bush's optimism that, despite the challenges, America's best economic days still lie ahead."

“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.”

“It's been very rewarding to travel throughout the heartland and hear how the President' jobs and growth plan is helping working men and women and their families. This trip has reinforced my belief that the President's 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.

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.