Wilson Praises Passage of President’s Jobs and Growth Package

Today, Rep. Joe Wilson (R-S.C.) voted in favor of H.R. 2, President George W. Bush's Jobs and Growth Act of 2003. Rep. Wilson co-sponsored the bill, which passed by a vote of 222-203. Ways & Means Committee Chairman Bill Thomas (R-CA) included in the provision an increase in bonus depreciation from 30 percent to 50 percent through 2005, an initiative virtually identical to the bill introduced by Rep. Wilson, H.R. 223, and the Business Expensing Act of 2003."I'm proud the House Leadership included the bonus depreciation initiative, and thank Rep. Jerry Weller for championing this job creation initiative," said Rep. Wilson. "With bonus depreciation raised to 50 percent, businesses will have immediate incentive to buy new equipment, which creates hundreds of thousands of new jobs, especially in our manufacturing sector. Chairman Thomas has crafted the right package at the right time." The non-profit Heritage Foundation estimates that the package will create 1.2 million jobs by the end of 2004, with almost 200,000 jobs created by the bonus depreciation initiative. Heritage estimates that nearly 50,000 jobs will be created in South Carolina from 2004 to 2008, and over 11,000 jobs in 2004 alone."Today, the House Republicans again have proven our commitment to creating jobs and spurring growth in our economy. This vote sends America a clear message: ‘Help is on the way.' America needs economic relief not rhetoric. It's time for the Senate to act, and pass an equally serious jobs and growth plan," said Rep. Wilson.Provisions of H.R. 2 include:Acceleration of 2001 Bush Tax Relief for Individuals· Child credit. Increases child credit to $1,000 for 2003, 2004, and 2005.· 10 percent bracket. Accelerates the expansion of the 10 percent bracket for 2003, 2004, and 2005.· Marriage penalty relief. Accelerates the expansion of the 15 percent bracket and the increase in the standard deduction for married persons filing joint returns for 2003, 2004, and 2005.· Individual rate cuts. Accelerates the 2006 individual rate cut schedule to 2003. (Rates reduced from 28% to 25%; 31% to 28%; 36% to 33% and 39.6% to 35%.)· Increase individual Alternative Minimum Tax (AMT) exemption amount. Increases the AMT exemption amount by $7,500 for single persons and $15,000 for joint filers for 2003, 2004 and 2005.Business and Investment Incentives· Bonus depreciation. Increases bonus depreciation from 30 percent to 50 percent through the end of 2005.· Small business expensing. For 2003 through 2007, increases the amount small businesses can expense (immediately deduct) from $25,000 to $100,000. Increases definition of "small business" from $200,000 of capital purchases to $400,000. Provisions are indexed for inflation.· Net operating loss carryback. Extends the 5-year net operating loss carryback for three years (2003 through 2005) and holds taxpayers harmless for AMT.Dividends and Capital Gains· Dividend and capital gain tax rate reduction 5/15. Reduces the tax rate on dividends and capital gains to 5 percent for taxpayers in the lowest tax brackets and to 15 percent for all other taxpayers.###