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The economy remains one of the top concerns for American families. I believe that with increased spending by the American people and actions by Congress this year to reduce the financial burden of families across the nation, our economy will soon regain its full strength and vitality.
The American economy has recently suffered through major events, including the economic downturn in June of 2000 and the cowardly attacks of September 11th, which led to an economic slowdown.
We responded as a nation in 2002, with one of the largest tax cuts in our nation's history, which leading economists have stated led to an economic rebound making the last recession one of the shortest and shallowest in American history. We have also passed new laws holding companies and executives accountable, and we provided resources to New York City and the Pentagon to rebuild.
Subsequently, Congress acted again to create needed jobs for Americans by passing H.R.2, the Jobs and Growth Reconciliation Act of 2003. This legislation gives virtually every tax paying American needed relief. I am confident that this package will promote growth while ensuring that in the long-term, the federal government returns to fiscal responsibility. I am sure that you have heard the example frequently given that the tax cut will provide a 96% reduction in taxes for a family of four earning $40,000 a year. This dramatic benefit will complement the following additional important and sometimes overlooked provisions.
91 million taxpayers received an average tax cut of $1,126;23 million small business owners saw tax relief of over $2,000;
Six million single women with children received an average tax cut of $558;
12 million elderly taxpayers received an average tax cut of $1,401;
Three million low-income individuals and families saw their income tax eliminated;
Families saw an additional $400 increase to complete a $1,000 child tax credit, including reimbursement checks this year;
26 million taxpayers with dividend and capital gains income saw an average tax cut of $800;
I am confident in America's economic future. The strength of our economy is due to the dedication of hard working Americans. Our best hope for avoiding deficits and ensuring healthy federal budgets in the future is to free individual Americans, as much as possible, to continue with the entrepreneurial spirit of this innovative nation. Surpluses are created by a productive America -- not by Washington levying more and more taxes.
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