For Immediate Release
Office of the Press Secretary
May 10, 2003
President's Radio Address
In Focus: Economic Security Audio
THE PRESIDENT: Good morning. This week with a vote in the House
of Representatives, Congress took a positive step towards passage of my
jobs and growth proposal. The plan I submitted would create more than
a million jobs by the end of next year through immediate tax relief for
American families and businesses.
Since I sent my plan to Congress in January, the need for action
the economy has become even more urgent. The unemployment rate last
month reached 6 percent as many employers continue to hold back on the
kinds of investments that lead to new jobs. The bill that passed the
House of Representatives this week includes all the elements of my
plan: cuts in income tax rates, this year; reduction of the marriage
penalty; an increase in the child credit from $600 to $1,000; an
increase in the expensing provision for small business investment in
new equipment; and action to reduce the double-taxation of dividend
income.
These reforms would bring immediate help throughout our economy.
They would leave more money in the hands of families who need it to
make purchases and to pay the bills. And this tax relief would give
employers greater incentives and resources to invest in new equipment.
The result will be more jobs, and that is our goal.
We are also making progress on passing tax relief in the Senate.
The Senate Finance Committee has approved legislation that includes
important aspects of my proposal. I urge the Senate to complete its
work next week so the House and Senate can work out their different
versions and get a tax relief bill to my desk as soon as possible.
This week's progress demonstrates that both houses of Congress and both
political parties agree that tax relief will help this economy. Now
the discussion is about how much tax relief the American people need
and deserve. We need at least $550 billion in tax relief over the next
decade, big enough to make a real difference in the paychecks of
American workers, big enough to help entrepreneurs create more jobs,
and big enough to give our economy the boost it needs.
This past week, I met a small business owner named Luke Brindley.
Luke and his family started their Virginia business less than two years
ago with five employees. And now they're up to 25. Here's what Luke
says, any break we get encourages us to hire more people and buy more
equipment.
Next week, I will travel to New Mexico, Nebraska and Indiana to
address the nation's hardworking, small business owners, families and
investors. My message to them will be simple: the surest way to grow
this economy and create jobs is to leave more money in the hands of the
people who earn it.
I urge every citizen to participate in this important debate and to
make your voice heard. Explain to your local representative or your
senators what tax relief would mean to your family and your business,
and please tell the members of Congress why our economy needs that
relief now.
Thank you for listening.
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