The JGTRRA of 2003: Financial Implications for Divorce

On May 23, 2003, the U.S. Congress approved the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) and, within a week, President Bush signed the act into law. JGTRRA reduces tax rates across the board, increases the Child Tax Credit from $600 to $1000, and eases the marriage tax penalty. It also reduces the tax on dividends and capital gains and increases write-offs on capital assets for businesses. Marriage-penalty relief directly affects married taxpayers, but what effect will the new law have on people going through divorce?

25 minute read September 02, 2003 at 05:09 PM
By
Jerry L. Style and Carl M. Palatnik
The JGTRRA of 2003: Financial Implications for Divorce

On May 23, 2003, the U.S. Congress approved the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) and, within a week, President Bush signed the act into law.

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