[Congressional Record Volume 149, Number 69 (Friday, May 9, 2003)]
[House]
[Page H3960]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


    THE BENEFITS OF PASSING H.R. 2, JOBS AND GROWTH TAX ACT OF 2003

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Pennsylvania (Mr. Shuster) is recognized for 5 minutes.
  Mr. SHUSTER. Mr. Speaker, while many economic indicators show that 
the American economy is back on the road to recovery, working families 
in central and western Pennsylvania continue to struggle to pay their 
bills. Unemployment rates for some portions of my district have risen 
as high as 14 percent, and jobs are difficult to find, even for the 
most well-trained workers.
  For my constituents, the time to act on these alarming trends is now. 
I applaud the leadership of the gentleman from California (Mr. Thomas) 
and the Committee on Ways and Means on crafting H.R. 2 to help spur our 
Nation's economy, and we in the House were right to pass this vital 
legislation. The provisions of H.R. 2 will put billions back into our 
country and create thousands of new jobs for Pennsylvania workers. This 
legislation will ensure our economy continues to grow and creates jobs 
in the years ahead. H.R. 2 is an important step in answering the 
economic questions facing millions of American taxpayers.

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  The benefits of H.R. 2 are staggering. Twenty-seven million taxpayers 
will benefit from the increased child tax credit in 2003 alone; nearly 
10 million taxpayers will not pay the AMT; 10 million seniors will 
become more financially secure in retirement by keeping more of their 
dividend income.
  In fact, half of the immediate tax relief provisions of H.R. 2 are 
directed towards the child tax credit, eliminating the marriage penalty 
tax, accelerating rate reductions for middle-class families and 
ensuring these families do not face the alternative minimum tax; real 
money for families.
  As a former small business owner, I understand the importance of H.R. 
2 to small businesses throughout America. H.R. 2 will benefit family 
businesses by increasing the immediate deduction for small business 
from $25,000 to $100,000 and modifying the definition of small business 
to allow more businesses to grow and prosper.
  Mr. Speaker, I congratulate my colleagues in the House for supporting 
H.R. 2, and I urge the other body to move swiftly on this important 
legislation for our Nation and for working families.

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