FROM THE OFFICE OF PUBLIC AFFAIRS

Treasury Secretary John W. Snow will visit St. Louis, Missouri on Friday, December 5th to discuss the state of the economy, as well as efforts by President Bush to create jobs, strengthen the economic recovery and increase workers' standards of living.

In St. Louis, Secretary Snow will tour a construction site, meet with local construction industry leaders, and tour a vocational school that is teaching students job skills. The construction industry, an important segment of the overall U.S. economy, is showing signs of improvement. The Commerce Department this week reported that construction spending increased 0.9 percent in October, to a record $922 billion annual rate.

According to a leading trade group, the construction industry employs nearly 7 million people or about six percent of the nation's non-farm, private sector employment, with an annual payroll of $250 billion. The construction industry also contributes nearly eight percent of the Gross Domestic Product (GDP) as measured by the value of construction put in place.
The following events are open to the media:

10:30 am CST Tour of Metroloft Apartment construction site
   4555 Forest Park Blvd.
   St. Louis, MO
** PHOTO OP ONLY - NO REMARKS BY THE SECRETARY

1:00 pm CST  Tour of Construction Careers Center charter school
   1224 Gratton
   St. Louis, MO
** AT THE END OF THE TOUR, THE SECRETARY WILL CONDUCT A SHORT PRESS AVAILABILITY

JS-1033

Impact of the President’s Jobs and Growth Package on Missouri

The package provides benefits to more than 1.7 million Missouri taxpayers.

REDUCING TAXES
• More than 1.7 million taxpayers in Missouri have lower income tax bills in 2003.
• Nearly 390,000 business taxpayers can use their tax savings to invest in new equipment, hire additional workers, and increase pay.

ACCELERATE 10-PERCENT BRACKET EXPANSION
• More than 1.3 million married couples and single filers benefit from the acceleration to 2003 of the expansion of the 10-percent bracket scheduled for 2008.

ACCELERATE REDUCTION IN INCOME TAX RATES
• Nearly 440,000 taxpayers in Missouri benefit from the acceleration to 2003 of the reductions in income tax rates in excess of 15-percent scheduled for 2004 and 2006.

ACCELERATE REDUCTION IN MARRIAGE PENALTY
• 715,000 married couples in Missouri 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 are scheduled to phase in between 2005 and 2009.

ACCELERATE INCREASE IN CHILD TAX CREDIT
• More than 510,000 married couples and single parents in Missouri benefit from the acceleration to 2003 of the increase in the child tax credit from $600 to $1,000 that is scheduled to phase in between 2005 and 2010.

EXCLUSION FOR CORPORATE DIVIDENDS
• 470,000 taxpayers in Missouri benefit from the reduced tax rates on capital gains and dividends.