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AF&PA Applauds Congressional Passage Of Economic Stimulus And Jobs Growth Package

Press release from the issuing company

May 29, 2003 -- WASHINGTON, DC – W. Henson Moore, President & CEO of the American Forest & Paper Association, last week applauded the Congress for passing H.R. 2, the Jobs and Growth Reconciliation Tax Act. “Today, Congress took an important step to invigorate economic growth and job creation," said Moore. “By lowering the tax on dividends, this bill will provide businesses better access to capital that is needed for new job creation. This is just what our economy needs.” AF&PA had identified the elimination of double-taxation of dividends as one of its top legislative priorities for 2003. Moore went on to discuss how the bill will specifically affect the forest products industry. “Recent studies show that the U.S tax code is one of the greatest obstacles U.S. forest products companies face in the global marketplace,” continued Moore. “The tax code places U.S. businesses at a significant disadvantage when compared to our major international competitors. This legislation will reduce the disparity -- although more still needs to be done to make the U.S. tax code truly competitive." "Since 1997 our industry has had to shutter 92 paper mills, laying off more than 47,000 paper mill workers. Lowering the tax rate on dividends will partially offset the high tax cost of investment in U.S. paper manufacturing."