July 2003

The Bush tax cut | Capitol Hill

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The Bush tax cut

by Craig Silvertooth
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On May 29, President Bush signed HR 2—the Jobs and Growth Tax Reconciliation Act of 2003, commonly referred to as the Bush tax-cut plan—into law at a ceremony in the White House's East Room. The packed room included Bush's Cabinet; congressional leaders; and key business group leaders, including NRCA's Vice President of Government Relations Craig Brightup. Because NRCA is a Steering Committee member of the Tax Relief Coalition (the primary business coalition formed to work directly with the White House to advance Bush's proposal), NRCA was among a select group of industry associations present at the historic event.

The president's signature marked the culmination of months of intense lobbying on the part of NRCA and roofing industry allies to secure more favorable tax treatment for individuals and businesses. When measured in 2003 dollars, HR 2 is the third-largest tax cut in U.S. history behind former President Reagan's tax cut in 1981 and Bush's first tax cut in 2001. The legislation will provide $320 billion in tax cuts between now and 2013, as well as another $30 billion in state aid and tax-credit payments for people with children.

Bush's conviction is that the bill "is good for American families, good for American investors, and good for American entrepreneurs and small-business owners."

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