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The President’s Jobs and Growth Plan: Helping American Families The President’s Jobs and Growth Package will reduce the tax burden of nearly every American who pays income taxes. It completely eliminates the income tax burden for 3 million American families while making the overall income tax code more – not less – progressive. Helping Working Families The President’s plan helps working Americans by focusing tax relief directly at moderate-income families and those with children. The plan: Helping America’s Seniors The President’s plan would also help America’s seniors make ends meet. The plan: An estimated 13 million elderly taxpayers would receive an average tax cut of $1,384 under the President’s plan. Eliminating the Tax Burden for Millions of Moderate-Income Families Under President Bush’s plan, Americans in the lowest tax brackets receive the largest percentage reduction in their tax burden. When the Jobs and Growth plan is enacted, high-income Americans will shoulder a larger share of the income tax burden while moderate-income families will see their tax burden go down. Who Benefits? A married couple with two children and income of $40,000 will see their taxes reduced by $1,133 (from $1,178 to $45) in 2003, a decline of 96 percent. An elderly couple with income of $40,000 (of which $2,000 is dividends and $15,000 is Social Security benefits) will see their taxes reduced by $380 (from $930 to $550) in 2003, a decline of 41 percent. A married couple with one child and income of $40,000 will see their taxes reduced by $732 (from $2,235 to $1,503) in 2003, a decline of 33 percent. A married couple with two children and income of $60,000 will see their taxes reduced by $900 (from $3,750 to $2,850) in 2003, a decline of 24 percent. A married couple with two children and income of $75,000 will see their taxes reduced by $1,122 (from $5,817 to $4,695) in 2003, a decline of 19 percent. |