Maximizing your after-tax dollars to boost your bottom
lineHighlights of the Jobs and
Growth Tax Relief Reconciliation Act of 2003 Capital Gains
CHANGE: Top rate reduced to 15% from 20% (and to 5% from 10% for lower income taxpayers). TERM: Rates revert to previous levels after 2008. Dividends
CHANGE: Top rate fell to 15% from 36.5% TERM: Rates revert to previous levels after 2008. Income Tax
CHANGE: Across-the-board income tax cuts became effective Jan. 1, 2003. Top tax bracket dropped from 38.6% to 35%. TERM: Rates revert to previous levels after 2010. Alternative Minimum Tax
CHANGE: Exemption increases to $58,000 (from $49,000) for couples, and to $40,250 (from $35,750) for singles. TERM: Exemptions revert to previous levels after 2004. Child Care Credit
CHANGE: Raised to $1,000 from $600 for qualifying taxpayers. TERM: Credit amount will drop after 2004. Marriage Penalty
CHANGE: Standard deduction raised for married taxpayers to $9,500; 15% bracket expanded upward. TERM: This provision expires after 2004. If you
CHANGE: Top rate reduced to 15% from 20% (and to 5% from 10% for lower income taxpayers). TERM: Rates revert to previous levels after 2008. Dividends
CHANGE: Top rate fell to 15% from 36.5% TERM: Rates revert to previous levels after 2008. Income Tax
CHANGE: Across-the-board income tax cuts became effective Jan. 1, 2003. Top tax bracket dropped from 38.6% to 35%. TERM: Rates revert to previous levels after 2010. Alternative Minimum Tax
CHANGE: Exemption increases to $58,000 (from $49,000) for couples, and to $40,250 (from $35,750) for singles. TERM: Exemptions revert to previous levels after 2004. Child Care Credit
CHANGE: Raised to $1,000 from $600 for qualifying taxpayers. TERM: Credit amount will drop after 2004. Marriage Penalty
CHANGE: Standard deduction raised for married taxpayers to $9,500; 15% bracket expanded upward. TERM: This provision expires after 2004. If you
