On May 23, 2003 US Congress passes a $350 billion tax cut plan. This was actually less than half the size of President Bush's original proposal. Even so, Vice President Dick Cheney had to cast the deciding vote to break a tie in the Senate.

The 'Jobs and Growth Tax Relief Reconciliation Act of 2003' accelerated certain tax changes passed in the Economic Growth and Tax Relief Reconciliation Act of 2001. It increased the exemption amount for the individual Alternative Minimum Tax, and lowered taxes of income from dividends and capital gains.

There was significant  controversy over who benefited from the tax cuts with allegations that the cuts favored the wealthy and special interests.

However, for an investment perspective on this legislation, see our page: Guide to Bush's Tax Cuts