FROM THE OFFICE OF PUBLIC AFFAIRS

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Today the Treasury Department released the details of the President’s Dividend Exclusion Proposal from the Jobs and Growth Package announced earlier this month. The attached document describes in detail the President’s proposal to end the double tax on investor earnings from corporate stock.

With the release of the President’s Budget each year, the Treasury Department releases a detailed explanation of all the tax proposals in the Budget.  This document will be included in the Treasury Department’s explanation of the Budget proposals, which will be released on February 3, 2003.

On account of the significance of the President’s proposal, the Treasury Department is releasing this description in advance of the Budget.

This detailed explanation differs in certain ways from summaries the Treasury Department released previously.  Since the President announced this proposal on January 7, Treasury has met with many taxpayer groups, practitioners, and academics.  They provided many constructive suggestions that are reflected in this description, including changes to details of the proposal.  Treasury appreciates these thoughtful ideas and looks forward to working with the public as the President’s proposal advances.  The Treasury Department welcomes additional comments.

If you have trouble accessing the following document, please contact the Office of Public Affairs at (202) 622-2910.

The detailed description of the President’s Dividend Exclusion Proposal is attached.