Under the Presidents economic growth plan, 34 million families with children would benefit from an average tax cut of $1,473
The Presidents jobs and economic growth plan was introduced in the House and Senate yesterday and hearings are set to begin on the bill next week.
Americas economy is recovering and showing signs of growth. However, the President wont be satisfied until every American who wants a job can find a job, and all Americans have economic security.
92 million taxpayersespecially middle-income taxpayerswill benefit from the Presidents plan as rate reductions passed by Congress in 2001 are made effective immediately. Middle-income families will receive relief from accelerated reduction of the marriage penalty, a faster increase in the child tax credit, and immediate implementation of the new, wider 10 percent tax bracket.
The Presidents plan would:
Speed up the 2001 tax cuts to increase the pace of the recovery and job creation.
Encourage job-creating investment in Americas businesses by ending the double taxation of dividends and giving small businesses incentives to 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.
The President has urged Congress to move quickly and act on his economic proposals to encourage our Nations entrepreneurs, speed up economic growth and generate new jobs for American workers.