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 Home > News & Policies > March 2003

For Immediate Release
March 12, 2003

Jobs and Economic Growth Fact of the Day


Under the Presidents economic growth plan, 13 million elderly taxpayers would receive an average tax cut of $1,384 in 2003.

Today's Action

  • Secretary of Housing and Urban Development Mel Martinez and Secretary of the Treasury John Snow spoke to Americas Community Bankers in Washington, DC today to discuss the benefits of the Presidents jobs and economic growth plan. The Presidents plan, including the proposed acceleration of the tax cuts passed in 2001, would increase the pace of economic recovery and job creation.

  • These provisions were scheduled to phase-in over the period between 2004 and 2010 as part of the tax cuts of 2001. However the President believes that the time to deliver this relief is now when it can do the most good for seniors, married couples, parents, businesses, and the economy.

  • Under the Presidents proposal, 92 million American taxpayers would receive, on average, a tax cut of $1,083 in 2003 -- putting at least $98 billion back into the economy.

  • All Americans will benefit from a stronger economy, and 92 million taxpayers will get tax relief under the Presidents plan. Middle-income families will receive relief from accelerated reduction of the marriage penalty, an increase in the child tax credit, and expansion of the new, lower 10 percent tax bracket. The plan would also directly benefit 26 million households -- including7 million seniors who pay taxes on dividend income.

  • Secretary Martinez and Secretary Snow urged Congress today to move quickly and act on the Presidents economic proposals to help families and senior citizens, speed up economic growth and generate new jobs for American workers.