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2003 Tax Act
Major provisions of the 2003 tax act include:
- maximum dividends and long-term capital gain tax rates of 15%
- acceleration of the phased-in tax reductions of the 2001 tax act
- retroactivity of income tax rates to January 1, 2003
- capital gain tax rate applies to tranactions after May 5, 2003
Although much shorter than the 2001 Tax Act, the 2003 Tax Act makes planning more complicated than before. In a nutshell, the 2003 Act reduces the appeal of some tax-deferral accounts and changes the distribution of investment assets within a portfolio.
See summaries and explanations at:
- http://www.sterling-futures.com/TaxActSummary.pdf (link expired)
- http://www.psinvest.com/research/Jobs_Growth_Tax_Relief_Act_of_2003.pdf (link expired)
Check with us to discuss how the 2003 Act affects your financial plan.
