Bush signs "American Jobs Creation Act of 2004"

Whitehouse ^ | 10-23-04 | POTUS

[OXENinFLA]

WASHINGTON (AP) - President Bush has signed a sweeping rewrite of corporate tax law, providing $136 billion in new tax breaks for businesses, farmers and other groups.

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Statement on H.R. 4520, the American Jobs Creation Act of 2004

October 22, 2004

STATEMENT BY THE PRESS SECRETARY

The President today signed into law:

H.R. 4520, the "American Jobs Creation Act of 2004," which repeals the extraterritorial income exclusion in current tax law; provides domestic manufacturing and other business tax relief, including energy-related tax credits; allows for itemized deduction of State and local sales taxes; provides for reform of tobacco subsidies; includes international tax reform and simplification provisions; and includes various revenue-raising provisions.

[OXENinFLA]

I wonder what Kerry will have to say about this?

Oh, and BTW, Kerry didn't vote on this.

[OXENinFLA]

Neither did Edwards [Vote for it]....

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PING...

[sionnsar]

provides for reform of tobacco subsidies

"reform"? not "eliminate"?

[Jersey Republican Biker Chick]

Gee, isn't this a law to give incentives to those who don't outsource jobs to other countries? (GO GWB)

I guess Kerry is going to say the President stole his idea. Even if Kerry didn't vote for it.

[OXENinFLA]

HR 4520

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The dems wanted that [tobacco subsidies] in there I think.

[anniegetyourgun]

Kerry/Edwards absent again? Must be too busy partying with Mama T:

[Cincinatus' Wife]

Bump!

[OXENinFLA]

October 22, 2004 Remarks by the President at Victory 2004 Rally Wachovia Arena at Casey Plaza Wilkes-Barre, Pennsylvania

Just got posted.

[Southack]

"allows for itemized deduction of State and local sales taxes; provides for reform of tobacco subsidies; includes international tax reform and simplification provisions"

Outstanding!

[EdReform]

BTTT

[bobsunshine]

See on the Bus:

Kerry
Edwards
..LIE..

[snowsislander]

The part that I like best comes from the Wall Street Journal article on the 12th:

Another key provision cuts for one year to 5.25% from 35% the tax on profits repatriated from abroad to encourage companies to bring home some of the $650 billion that Wall Street analysts estimate firms have overseas. The provision will be a windfall for some multinational companies with overseas operations, particularly drug and high-tech firms. It will boost Treasury revenues by an estimated $2.8 billion next year, but lose $3.3 billion over 10 years.

This is a significant chunk of change to be bring back into the U.S. economy, and I think it will overall be a win for us.

This was originally in a different bill ("Invest in the U.S.A.") which was ultimately brought into this larger bill.

[Always Independent]

I suppose JFK will say that he authored it.

[MeekOneGOP]

I wonder what Kerry will have to say about this?

Oh, and BTW, Kerry didn't vote on this.

ha! Bump!

[Grampa Dave]

Kerry only shows up to vote against tax cuts and money for the military.

[Moonman62]

Another key provision cuts for one year to 5.25% from 35% the tax on profits repatriated from abroad to encourage companies to bring home some of the $650 billion...

The tax code becomes even more Byzantine.

[snowsislander]

Another key provision cuts for one year to 5.25% from 35% the tax on profits repatriated from abroad to encourage companies to bring home some of the $650 billion...

That's a downside of this act; not only is it more Byzantine because this applies for only one year, but the other provisions of the full act are even more complex. The good news is that it really is a cut of sorts, just one that has been gerrymandered into lots of busywork for the tax accountants and tax lawyers.

[RnMomof7]

So far the only jobs created are in China and India .

This little bitty tax savings will not stop the move of another 200,000 jobs after the election.

American workers can not compete with 50 cents and hour without benefits.

Our city has "enterprise" zones ( another name from a previous administration) and they all stand empty .