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For Immediate Release
Office of the Press Secretary
April 13, 2002
President's Radio Address
THE PRESIDENT: Good morning. Monday is tax day and this year, tax day will be different. This year, your tax rates are lower and you will keep more of your hard-earned money to spend or save, as you see fit. Last year, I signed a tax relief bill that will continue to reduce federal taxes by more than a trillion dollars over the next 10 years.
Relief began almost immediately. Single taxpayers received checks for up to $300. Single parent taxpayers received up to $500. And married couples received up to $600. By now, American taxpayers have already benefitted from $57 billion in tax relief. Yet, when it comes to tax relief, once is not enough.
So the best news is that tax relief is continuing this year. The child credit was increased to $600 and made available to lower income Americans. For a single mom with two kids making $18,000, this one change alone provides $800 in tax relief. We're beginning a new low 10 percent bracket this year. We're making it easier for low income workers to take their first steps up the ladder of opportunity. And, starting this year, you will be able to save more of your money tax free, whether in an education savings account, an IRA, or a 401(k).
Tax relief helps the working people of our country with more money to provide for their families and pay their bills. And perhaps the best news of all is that even more relief is on the way for many years to come.
The tax bill will continue to increase the child credit up to $1,000 per child by the year 2010. The marriage tax will be reduced. And the unfair death tax will be completely abolished. Millions of successful small businesses that pay on the personal income tax schedule will find their taxes are going down.
And when the tax cut is fully phased in, 43 million married couples will see their taxes reduced on average by over $1,700 per year. Thirty-eight million families with children will receive an annual tax cut of almost $1,500 to help pay for education, child care, or other expenses. Eleven million single mothers will be able to keep an average of $770 more of their income each year to care for their children. Thirteen million seniors will see their taxes reduced on average by more than $900. And 3.9 million Americans will have their income tax liability completely eliminated.
Next week, the House will take up legislation to make this tax relief permanent. And I urge Congress to pass this vital measure.
Tax relief is a crucial part of my administration's overall economic growth agenda, to create more high-paying jobs. Like our balanced energy plan and our determination to knock down trade barriers, tax relief will help you achieve the economic security you need to realize your dreams.
Thank you for listening.