U.S. Department of the Treasury

(Archived Content)

FROM THE OFFICE OF PUBLIC AFFAIRS

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. Bush’s efforts to strengthen the economy and to promote President’s 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 President’s 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 President’s 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 Bush’s Jobs and Growth plan.  More than half of all taxable dividends go to America’s 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 President’s 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.

AMENDED

Thursday, April 3, 2003   

12:00 pm   

 Remarks to the Orlando Chamber of Commerce
 Orlando Regional Chamber of Commerce
 Chamber Boardroom
 75 South Ivanhoe Boulevard 
 Orlando, Florida

2:00 pm  

 Roundtable Discussion with Seniors
 Mark Street Senior Recreational Complex
 The Oak Room
 East Mark Street

 Orlando, Florida 32803
     

Friday, April 4, 2003

9:30 am    

Roundtable Discussion With Seniors
Beach Community Center
3351 Northeast 33rd Avenue
Fort Lauderdale, Florida 33308

12:00 pm   

 Remarks to Ft. Lauderdale Chamber of Commerce
 Riverside Hotel
 620 East Las Olas Blvd
 Ft. Lauderdale, Florida 33301