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The jobs and growth tax relief reconciliation act was enacted to help stimulate the economy. Several changes were made to the previous tax act of 2001.
Tax Brackets
In 2001 new brackets were added in to the income tax rates. In 2003 these brackets were changed again. Basically those who make under $27,000 a year, or $46,000 a year, for a family, would see no changes. Others would see a decrease in the amount of taxes they paid yearly, cuts from 2%-3.6% depending on the bracket you fell in to.
Capital Gains
Changes were made to help decrease the capital gains tax rates. Gains reported from property held less a year and collectables didn’t change, but otherwise the tax rates decreased as much as 5%. This was designed to help people keep more of the money they earned.
The tax act of 2003 was basically an amendment to the act of 2001. The changes made weren’t many, but they affected many people.
