For Immediate Release
October 2, 2004
President's Radio Address
Audio
THE PRESIDENT: Good morning. Next week, in Iowa, I will proudly sign
the Working Families Tax Relief Act. This bipartisan law is good news
for America's families. It keeps in place major portions of the tax
relief we passed over the last three years. It preserves marriage
penalty relief, the thousand dollar child tax credit, and the expanded
10-percent tax bracket. The law also increases the refund limit on the
child tax credit, which means about 7 million low-income families will
get higher refund checks next year.
|
Radio
Address
|
Radio Interviews
|
Because we acted, 94 million Americans will have a lower tax bill
again next year, including 70 million women and 38 million families
with children. I met many families that are benefiting from tax
relief, including Gary and Angela Brown, from Springfield, Missouri.
Gary works at a manufacturing company, and Angela stays at home with
their four children. Last year, the Browns saved about $3,000 on their
taxes. They used some of that money to put a down payment on braces
for their daughter. If Congress had not extended tax relief, the
Brown's tax bill would have gone up $1,500 next year. Now, because we
acted, they will be able to keep and use that money. The tax relief
has helped millions of families, like the Browns, to spend, save, and
invest for the future. Thanks to their hard work, America's economy is
strong and getting stronger.
This week brought more evidence that tax relief is helping our
entire economy move forward. The economy grew at an annual rate of 3.3
percent in the second quarter. America's economy has been growing at
rates as fast as any in nearly 20 years. And for 12 consecutive
months, our economy has been creating jobs. We've added 1.7 million
jobs since August, 2003, including 107,000 manufacturing jobs since
January.
The unemployment rate is now 5.4 percent, down almost a full point
since June, 2003, and below the average rate of the 1970s, 1980s, and
1990s. The home ownership rate is at an all-time high, and new home
sales are still rising. After-tax income is increasing, which means
workers are keeping more of their paychecks. The tax relief we passed
is working.
Having extended tax relief, we must take additional action to
strengthen our economy so every American who wants to work can find a
job. To create more jobs, we need to reduce the burden of regulation
on small businesses. We need to end the junk lawsuits that keep
entrepreneurs from creating new jobs. Congress needs to pass my energy
plan to make America less dependent on foreign sources of oil. We need
to open more foreign markets to American products and ensure that other
countries play by the rules. We must continue to spend taxpayer
dollars wisely in Washington, D.C. And to help families and small
businesses plan with confidence, we need to make all of the tax relief
permanent.
Some politicians in Washington have a different view of tax
relief. When I proposed tax relief for working families in 2001 and
2003, Senator Kerry and other Democratic leaders voted against it. In
fact, Senator Kerry has voted consistently against marriage penalty
relief, against increasing the child tax credit, and against expanding
the 10-percent bracket. Now, Senator Kerry and the Democrat leaders
are proposing a lot of new federal spending, and the only way to pay
for all their promises is to raise taxes on working families.
You know where I stand. Higher taxes are the wrong policy for this
growing economy. Our families and our country are better off when
government lets people keep more of what they earn. And that is why
I'll work with Congress to keep taxes low, and that is why I will
proudly sign the Working Families Tax Relief Act of 2004 into law.
Thank you for listening.
END
|