June 04,2004

Latest Job Creation Report, Outlook for JOBS Act Passage


To: Reporters and Editors
Re: Latest job creation report/outlook for JOBS Act passage
Da: Friday, June 4, 2004

Sen. Chuck Grassley, chairman of the Committee on Finance, has been the Senate’s primaryRepublican author of job-creating tax relief legislation over the last three years. In June 2001, thePresident signed legislation Grassley co-authored that lowered individual tax rates, provided relieffrom the marriage penalty, expanded the child tax credit, provided enhanced incentives forretirement security, and increased education incentives. In May 2003, the President signed aneconomic growth package, which Grassley also co-authored, providing new tax relief for families,small business owners, and individual investors. Last month, Grassley presided over Senate passageof the bipartisan Jumpstart Our Business Strength (JOBS) Act, which is meant to head off billionsof dollars in “Euro tax” trade sanctions on U.S. manufacturers and agricultural producers. Thesanctions already are hitting a long list of U.S. employers and will increase if Congress delayspassing this legislation.

The JOBS Act cuts taxes for U.S. factories, sole proprietors, partnerships, farms and smallbusinesses that create jobs, reforms and simplifies international taxes for U.S. companies operatingoverseas, and contains the biggest reforms in decades to shut down abusive tax shelters.Grassley made the following comment on today’s positive job creation report from the LaborDepartment’s Bureau of Labor Statistics and the outlook for JOBS Act passage.

“Job creation is very good news. People have to provide for their families. They need notonly jobs, but quality jobs that are part of careers. The more jobs available, the more choices theyhave to advance, especially when employers are in a good financial position to train workers. Thisgrowth is evidence of a presidential administration and a congressional majority willing to reducethe tax burden on individuals and small businesses, which create most jobs.

“But we can’t rest on our success. For example, we have to pass the JOBS Act immediately.For every month we delay enactment, the sanctions on U.S. exports to Europe increase. It’s greatnews that the House is well on its way toward passing a companion bill. Chairman Thomas isreleasing his bill today, with committee consideration next week and full floor consideration theweek after that. If this timetable holds, we should get a final bill on the President’s desk before theAugust recess. I’m looking forward to House passage and to going to conference. It’s likely to bea long conference, since the differences between the House and Senate bills are expected to besignificant, and since leaders from both parties and both chambers are likely to have a long list ofpriorities to consider including in the bill. But I’m willing to put in as many hours as necessary toget a bill to the President and get this burden off of America’s employers.”