Date: 2003-05-09
Speaker: SAM JOHNSON (republican)
Chamber: H
State: Texas

Mr. Speaker. I rise in support of the Jobs and Growth Tax Reconciliation Act. This bill is going to provide muchneeded tax relief for individuals and businesses to help create jobs today. while generating longterm economic growth for the future. According to the Heritage Foundation. this bill creates 67.000 jobs in Texas in this year alone. That is great news for those who want a paycheck. hot an unemployment benefit. The bonus depreciation and small business expensing provisions effectively. put business purchases "on sale." These provisions are vital to the telecommunications corridor in North Texas. because businesses that have delayed replacing their telecom equipment should find it easier to make these purchases. Our economy has been driven by consumer spending. and these depreciation and expensing provisions should help jumpstart business purchases. The rate cuts. marriage penalty relief and child credit improvements help families as well as sole proprietorships. for whom the individual tax rate is their corporate rate. I am glad to have a significant reductionin the double taxation of dividends. This is not necessarily the proposal I would have written. because I believe. like the President. we ought to eliminate double taxation of dividends. But reducing the tax on dividends from an individuals normal tax rate to the 5 percent or 15 percent rate will help millions of seniors who depend upon dividend income for their daytoday expenses. as well as help millions of other Americans who own stock. Mr. Speaker. it is time to give this economy a jumpstart by passing this bill today. I rise In support of the jobs and growth tax act. This bill will provide muchneeded tax relief for Individuals and businesses to help create jobs today. while generating longterm economic growth for the future. According to the Heritage Foundation. this bill creates 67.000 jobs in Texas In 2004 alone Thats great news for those who want a pay check. not an unemployment benefit. The bonus depreciation and small business expensing provisions effectively put business purchases "on sale." These provisions are vital to the telecommunications corridor in north Texas because businesses that have delayed replacing their telecom equipment should find it easier to make these purchases. Our economy has been driven by consumer spending and these depreciation and expensing provisions should help to jump start business purchases. The rate cuts. marriage penalty relief and child credit improvements will help families as well as sole proprietorships. for Whom the individual tax rate is their corporate rate. I am glad to -have a significant reduction in the double taxation of dividends. This is not the proposal I would have written because I want to eliminate the double taxation of dyidends. Reducing the tax on dividends from an individuals normal tax rate to the 5 percentor 15 percent rate will help millions of seniors who depend upon dividend income for their daytoday expenses as well as help millions of other Americans who own stock. I will qualify my support for the dividends portion of this bill due to the fact that It discriminates against Americans who own stock in foreign companies. Among the thousands of employeeshareholders in my district who would be seriously affected are the employees of Nortel. Aegon. Nokia. Alcatel Ericsson and Gadbury Schweppes. I want this penalty to be gone the next time we vote on tax relief. It is time to give this economy a jumpstart by passing this bill today.