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President Bush
Takes Action to Strengthen America's Economy Story Continued
President George W. Bush and Secretary of Labor Elaine L. Chao understand how important women are to the nation's economic strength. That's why women will benefit from the President's new economic plan.
In announcing his "jobs and growth" plan, President Bush underscored its many benefits for all American workers and families. "We will not rest until every business has a chance to grow, and every person who wants to find work can find a job," said President Bush at the Economic Club of Chicago.
The President's comprehensive proposal will help increase the pace of the economic recovery, encourage job creation and help secure our economic future. The plan would:
- Speed up 2001 tax relief, which includes an increase in the child tax
credit and elimination of the marriage penalty. Everyone who pays taxes will
benefit - especially middle-income Americans. The plan includes immediate
implementation of the new, lower 10% tax bracket.
Under the President's proposal to accelerate tax relief, 92 million taxpayers would receive, on average, a tax cut of $1,083 in 2003:
* 46 million married couples would receive average tax savings of $1,716.
* 36 million families with children would receive an average of $1,473 in tax relief.
* 6 million single women with children would receive, on average, $541 in tax relief. - Encourage job-creating investment in America's businesses by ending
the double taxation of dividends, and giving small businesses incentives to
grow by increasing the amount of expenses they can claim. The President's plan
benefits everyone who invests in the stock market and receives dividend income,
and every small business owner who purchases equipment. In addition, nearly 90
percent of small businesses file their taxes as individuals, which means the
acceleration of individual tax relief provides these small firms with the
capital they need to grow and create good paying jobs.
- Provide help for unemployed Americans, including extending unemployment benefits for an additional 5 months and creating Personal Re-employment Accounts to help displaced workers get back on the job. Every worker who has lost his or her job and qualifies for unemployment benefits stands to gain from the President's plan. Personal re-employment accounts would provide unemployed workers with up to $3,000 to use for job training, childcare, transportation, moving costs, or other expenses associated with finding a new job. The accounts provide a bonus for those who find work quickly.
According to a projection by the Council of Economic Advisers, the President's plan will help the economy create 2.1 million jobs over the next three years.
Secretary Elaine L. Chao is working with President Bush to help
all Americans get back to work. "Getting people back to work is what this
Department does. Giving people hope in their future is our job," said the
Secretary. The President's plan is a comprehensive approach to help workers,
families and small businesses in the short-term. It builds upon our current
strengths to achieve long-term economic security
Read
President Bush's speech at the Economic Club of Chicago.
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For More Information About WB, Contact:
U.S.
Department of Labor
Women's Bureau
200 Constitution Avenue, NW - Room
S-3002
Washington, DC 20210
Telephone 1-800-827-5335 or (202)
693-6710
Fax (202) 693-6725