Posted on May 23, 2003
This is the best tax bill in 20 years. It leaves money in the pockets of taxpayers and should create jobs and growth. It will lower taxes this year for more than 1.5 million Tennesseans. It increases the child tax credit from $600 to $1,000 per child, reduces the marriage penalty, lowers tax rates and increases deductions for businesses creating investment. It cuts to 15 percent the unfair double tax on dividends and reduces the capital gains tax to 15 percent. Finally, it authorizes $426 million to help the state balance its budget during a year when the economy is down.