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