For Immediate Release
May 23, 2003

SENATOR MITCH McCONNELL HAILS PASSAGE OF
THE JOBS AND GROWTH PACKAGE

WASHINGTON, D.C. - U.S. Senator Mitch McConnell today joined his Senate colleagues in supporting the Jobs and Growth Conference Report. The package passed the Senate today and will now go to the President for his signature.

"This is a huge victory for American workers and families," said McConnell. "This plan will jump start the economy by reducing taxes and creating jobs. In Kentucky, nearly every taxpayer will see relief in his or her pocketbook - relief that is needed and well deserved."

The jobs and growth legislation reduces the income tax rates, increases the child credit and provides marriage penalty relief. Small businesses also will benefit through reduced tax rates on owners, and by increased deductibility for new equipment purchases. The measure also cuts the tax on dividends and investment, which will have a positive effect on job creation.

According to the Department of Treasury, here is how Kentucky taxpayers will benefit from the jobs and growth package:

• · Nearly 1.2 million taxpayers in Kentucky will have lower income tax bills in 2003.
• Nearly 350,000 married couples and single parents in Kentucky will benefit from the acceleration of the increase in the child tax credit. The IRS will soon begin sending advanced refund checks to these parents.
• 887,000 married couples and single filers will benefit from the acceleration of the expansion of the 10-percent bracket scheduled for 2008.
• Nearly 260,000 taxpayers in Kentucky will benefit from the acceleration of the reductions in income tax rates.
• 500,000 married couples in Kentucky will benefit from the acceleration of the reduction in the marriage penalty.
• More than 300,000 taxpayers in Kentucky will benefit from the reduced tax rates on capital gains and dividends.

The Jobs and Growth Conference Report now goes to the President for his signature.