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On February 18, 2004 President Bush called on Congress to make his tax cuts permanent and discussed with taxpayers his plan to create jobs in America and to continue to grow and strengthen the economy.
New figures released by the Treasury Department demonstrate the real benefits of the President's tax relief for all Americans.
The President's Tax Relief is Working
America's economy is strong and getting stronger. More Americans than ever own their homes. More businesses are investing. Indicators of manufacturing activity are the highest in the last two decades, and economic growth in the second half of 2003 was the highest in almost 20 years. Stock market wealth has increased by more than $4 trillion over the past 12 months, and more than 365,000 jobs have been added in the last five months. Because of the continuing effects of President Bush's tax relief, workers will continue to keep more of what they earn in the future, and small businesses will be better able to invest and grow. The President's policies are helping to put the economy on a path to sustained growth and job creation, but we cannot rest until every American who wants to work can find a job.
Over the past three years, President Bush has proposed and signed into law three separate tax relief measures, resulting in significant tax relief for millions of American families and businesses. Failure to extend the President's tax cuts permanently would dramatically increase the burden on American taxpayers in future years. For example:
The cumulative effect of tax relief on the economy has been strong, laying the groundwork for increased economic growth and job creation. According to the Treasury Department, by the last quarter of 2003, the tax relief signed by President Bush had:
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