U.S. Department of Treasury
April 2, 2003
Treasury Secretary John Snow Travels to Florida to Promote President Bush's Economic Agenda
Treasury Secretary John Snow will travel to Orlando, Fort Lauderdale
and Naples, Florida on Thursday and Friday, April 3-4, to discuss
President George W. Bushs efforts to strengthen the economy and to
promote the Presidents Jobs and Growth plan.
The Secretary will meet with members of the hospitality and tourist
industry, local economic officials, small business owners, individual
investors, business leaders, and members of the financial services
industry to highlight the importance of swiftly enacting the Presidents
Jobs and Growth plan, which will create and secure jobs, accelerate and
sustain our economic recovery, and increase workers' standards of
living. More than 5 million taxpayers in Florida will have lower
income tax bills in 2003 under the Presidents growth package.
During meetings with senior citizens, the Secretary will pay
special attention to discussing the elimination of the double taxation
of dividends - a key component of President Bushs Jobs and Growth
plan. More than half of all taxable dividends go to Americas seniors
and one point seven million taxpayers in Florida will benefit from the
exclusion of dividends paid from previously-taxed corporate income.
The Secretary will discuss how elderly taxpayers will benefit from
the provision that would allow them to exclude 100 percent of dividends
from taxable income. Economists estimate that 9.8 million senior
households receive dividend income that is currently taxable. Seniors
rely on these checks for a steady source of income in their
retirement. Yet, their income is taxed twice - once at the corporate
level and then again on their own return. The Presidents Jobs and
Growth Package would increase seniors rates of return on investments by
eliminating the double taxation of dividend income. Administration
estimates show that the dividend exclusion would provide tax relief for
7 million elderly taxpayers by an average of $1,252.
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