|
|
President Bush signed the
Tax Cut Bill on June 7, 2001. |
|
State by State Chart of Number of Taxpayers
receiving a refund check in 2001
President Releases Agenda for Tax Relief
Read the President's Agenda: pdf
(148 kb)
Listen
to the President's Remarks
President Bush Releases Economic Blueprint
News and speeches
- Press Briefing by OMB Director Mitch Daniels
- President Talks Taxes, Economy
>>View the President's Remarks >>Listen to the President's Remarks
- President Speaks at Tax Celebration Event in Iowa
- Remarks by the President in Tax Cut Bill Signing Ceremony
- President Bush Speaks After Passage of Tax Plan
- President Bush Speaks at Zephyr Field in New Orleans, Lousiana
- President Bush Discusses the Budget and Taxes in Little Rock, Arkansas
- President Bush Releases Budget
- Press Briefing by OMB Director Mitch Daniels on the Budget
- President Bush Discuss Budget with Cabinet
- Interactive Map: See How the Budget Affects Your State
- President Bush Discusses the Economy at Western Michigan University
- President Bush Discusses the Budget in Billings, Montana
- President Speaks to Employees of Bajan Industries in Kansas City, Missouri
- President Bush Speaks at the American College of Cardiology Annual Convention in Orlando, Florida
- President Bush Speaks at Joint Meeting of the New Jersey Chamber of Commerce
- President Bush Discusses the Budget in Lafayette, Louisiana
- President Bush Speaks at North Dakota State University
- President Bush Speaks at Chicago Mercantile Exchange
- President Bush Participates in Small Business Roundtable in Pittsburgh, Pennsylvania
>>Listen to the President's Remarks
- President Bush Speaks at Leadership Forum in Council Bluffs, Iowa
>>Listen to the President's Remarks
- President Bush Discusses Economic Blueprint in Omaha, Nebraska
>>Listen to the President's Remarks
- Joint Session to Congress Address
- President Bush Outlines Budget
- President Bush Discusses Budget and Tax Cut Proposal in St. Louis
>>Listen to the President's Remarks
- Remarks by the President at Tax Family Reunion
>>Listen to the President's Remarks
- Remarks by the President on Tax Cut Plan
>>Listento the President's Remarks
Radio Addresses
|
|
|
|
The President's Agenda for Tax Relief
En Español
"Across the board tax relief does not happen often in Washington,
D.C. In fact, since World War II, it has happened only twice: President
Kennedy's tax cut in the '60s and President Reagan's tax cuts in
the 1980s. And now it's happening for the third time, and it's about
time."
President George W. Bush
June 7, 2001
Economic
Growth and Tax Relief Reconciliation Act of 2001
The "Economic Growth and Tax Relief Reconciliation Act of 2001"
will provide significant income tax relief to millions of taxpayers.
A broad range of taxpayers will benefit from the tax relief provisions
contained in the Act, including:
- 43 million
married couples whose taxes, on average, will be lowered by
$1,730.
- 38 million
families with children who will receive an average tax cut
of $1,463 to help pay for education, childcare, and other
expenses.
- 11 million
single mothers with children who will be able to keep, on
average, $780 more of their income to meet their family's
pressing needs.
- 13 million
seniors whose taxes will be reduced, on average, by $924.
- 3.9 million
individuals and families who will have their income tax liability
completely eliminated by the Act.
Information
provided courtesy the Department of the Treasury. The estimates of
fully phased-in law are based on 2011 law at projected 2002 income
and population levels. Estimates exclude tax benefits expiring before
2010 and assume no sunset.
Taxpayers
Receiving Checks
Take
a state by state look at the number of taxpayers
receiving a refund check in 2001 for their 2000 tax return.
Remarks
by the President in Tax Cut Bill Signing Ceremony
East Room
9:58
A.M. EDT
Listen
to the President's Remarks
View
the President's Remarks
THE PRESIDENT: Thank you. Sit down -- behave
yourself, you're at the White House. (Laughter.)
Laura, thank you very much for being here on this historic moment.
Mr. Vice President, Secretary O'Neill, Director Daniels, Secretary
Evans and Chao are here, as well. Secretary Abraham,
Administrator Christine Todd Whitman, members of the United States
Senate, members of the House of Representatives, fellow Americans. Welcome.
Some months ago, in my speech to the Joint Session of Congress,
I had the honor of introducing Steven Ramos to the nation. Steven
is the network administrator for a school district. His
wife, Josefina, teaches at a charter school. They have
a little girl named Lianna. And they're trying to save
for Lianna's college education.
High taxes made saving difficult. Last year, they paid
nearly $8,000 in federal income taxes. Well, today, we're
beginning to make life for the Ramos' a lot easier. Today,
we start to return some of the Ramos' money -- and not only their
money, but the money of everybody who paid taxes in the United States
of America. (Applause.)
Across the board tax relief does not happen often in Washington,
D.C. In fact, since World War II, it has happened only twice: President
Kennedy's tax cut in the '60s and President Reagan's tax cuts in
the 1980s. And now it's happening for the third time, and it's about
time. (Applause.)
A year ago, tax relief was said to be a political impossibility. Six
months ago, it was supposed to be a political liability. Today,
it becomes reality. It becomes reality because of the
bipartisan leadership of the members of the United States Congress. Members
like Bill Thomas, of California; Ralph Hall, of Texas; Charles Grassley,
of Iowa; Max Baucus of Montanna; Zell Miller, of Georgia; John Breaux,
of Louisiana; Trent Lott, of Mississippi; and the entire leadership
team in the Senate; and Denny Hastert of Illinois and the leadership
team in the House of Representatives. Some Democrats,
many Republicans, who worked tirelessly and effectively to produce
this important result.
I also want to pay tribute to the members of my administration who
worked with Congress to bring about this day: Vice President
Cheney, Secretary O'Neill, Director Daniels and the team inside
the White House of Andy Card and Larry Lindsey, Nick Calio and their
staffs.
With us today are 15 of the many families I met as I toured our
country making the case for tax relief, hard-working Americans. I
was able to talk about their stories and their struggles and their
hopes, which made the case for tax relief much stronger than my
words could possible convey. And I want to thank you all for coming.
And here at the White House today are representatives of millions
of Americans, including labor union members, small business owners
and family farmers. Your persistence and determination
helped bring us to this day. The American people should be proud
of your efforts on their behalf, and I personally thank you all
for coming.
Tax relief is a great achievement for the American people. Tax
relief is the first achievement produced by the new tone in Washington,
and it was produced in record time. (Applause.) Tax
relief is an achievement for families struggling to enter the middle
class. For hard working lower income families, we have
cut the bottom rate of federal income tax from 15 percent to 10
percent. We doubled the per-child tax credit to $1,000,
and made it refundable. Tax relief is compassionate and
it is now on the way.
Tax relief is an achievement for middle class families squeezed
by high energy prices and credit card debt. Most families
can look forward to a $600 tax rebate, before they have to pay the
September back-to-school bills. And in the years ahead,
taxpayers can look forward to steadily declining income tax rates.
Tax relief is an achievement for families that want the government
tax policy to be fair and not penalize them for making good choices,
good choices such as marriage and raising a family. So
we cut the marriage penalty.
Tax relief makes the code more fair for small businesses and farmers
and individuals by eliminating the death tax. (Applause.) Over
the long haul, tax relief will encourage work and innovation. It
will allow American workers to save more on their pension plan or
individual retirement accounts. Tax relief expands individual
freedom. The money we return, or don't take in the first
place, can be saved for a child's education, spent on family needs,
invested in a home or in a business or a mutual fund or used to
reduce personal debt.
The message we send today, it's up to the American people; it's
the American people's choice. We recognize loud and clear
the surplus is not the government's money. The surplus
is the people's money and we ought to trust them with their own
money. (Applause.)
This tax relief plan is principled. We cut taxes for
every income taxpayer. We target nobody in, we target
nobody out. And tax relief is now on the way.
Today is a great day for America. It is the first major
achievement of a new era, an era of steady cooperation. And
more achievements are ahead. I thank the members of Congress
in both parties who made today possible. Together, we
will lead our country to new progress and new possibilities. It
is now my honor to sign the first broad tax relief in a generation. (Applause.)
(The bill was signed.) (Applause.)
END
10:07 A.M. EDT
|