February 26, 2003

Jobs & Economic Growth Fact of the Day

$1,133

The amount of money that a married couple with two children and an income of $40,000 would save in taxes in 2003 and every year thereafter as a result of the President’s jobs and growth plan. Their taxes would decline from $1,178 to $45 a year--a decline of 96 percent.

Today’s Action

• The President met with key members of his Cabinet and his National Economic Council to discuss the state of the economy and the importance of his economic growth plan.
• The President’s new proposal would:
  • Speed up the 2001 tax cuts to speed up the pace of the recovery and job creation.
  • Encourage job-creating investment in America’s businesses by ending the double taxation of corporate income including dividends and giving small businesses incentives to invest and grow.
  • Provide help for unemployed Americans, including extending unemployment benefits and creating new re-employment accounts to help displaced workers get back on the job.
• After meeting with his economic team today, the President urged Congress to move quickly and act on his proposals to encourage our Nation’s entrepreneurs, speed up economic growth and generate new jobs for American workers.
• President Bush will not be satisfied until every American who wants a job can find one. The Council of Economic Advisers projects that the President’s growth plan would create 510,000 new jobs in the second half of 2003 and 890,000 new jobs in 2004 – an increase of 1.4 million jobs in just 18 months.
• Since the President announced his jobs and growth plan in Chicago last month, members of his economic team have made more than 70 speeches in more than 30 cities across the Nation to communicate the benefits of the President’s package to the taxpayers of America.