Jobs and Growth Tax Relief Reconciliation Act

The Jobs and Growth Tax Relief Reconciliation Act, signed into law in 2003, aimed to spur economic growth by cutting taxes. It lowered income tax rates across most brackets, increased the amount people could earn tax-free, and reduced taxes on investments like dividends and capital gains. The goal was to put more money into people's pockets, encouraging spending and investments, which could help boost economic activity and employment. While beneficial for many, it also increased the federal deficit and sparked debate about long-term fiscal impacts.