Today, The Bureau Of Labor Statistics Released New Jobs Figures –
88,000 Jobs Created In April. Since August 2003, more than
7.8 million jobs have been created, with more than 1.8 million jobs created
over the twelve months ending in April. Our economy has now added jobs
for 44 straight months, and the unemployment rate remains low at 4.5
The American People Are Using The President's Tax Relief To
Produce Strong And Lasting Economic Growth
- Real After-Tax Personal Income Increased At A Strong 4.5
Percent Annual Rate In The First Quarter. Per capita, real
after-tax income has risen by 10.4 percent – more than $3,000 – since
President Bush took office.
- Real Wages Rose 1.3 Percent Over The 12 Months Ending In
March. This is faster than the average rate of the late 1990s
economy, and it means an extra $765 in the past year for the typical
family with two wage earners.
- The Economy Has Now Experienced Over Five Years Of
Uninterrupted Growth, Averaging 3.0 Percent A Year Since 2001.
- Since The First Quarter Of 2001, Productivity Growth Has
Averaged 2.8 Percent. This is well above average productivity
growth in the 1990s, 1980s, and 1970s.
- Consumer Spending Increased At A Solid 3.8 Percent Annual
Rate In The First Quarter.
Allowing Tax Relief To Expire Would Result In The Largest Tax
Increase In Our Nation's History
As A Result Of The President's Tax Cuts, Every Taxpayer Who Paid
Taxes Will Get Tax Relief This Year. In addition to cutting taxes
on everyone who pays income taxes, the Administration has doubled the child
tax credit, reduced the marriage penalty, cut taxes on dividends and capital
gains, and put the Federal death tax on the road to extinction.
As a result, in 2007:
- 113 million taxpayers will receive an average tax cut of $2,216.
- 45 million families with children will receive an average tax cut of
- 27 million small business owners will receive an average tax cut of
- Over 5 million individuals and families will see their income tax
liability completely eliminated.
Strong Economic Growth Has Helped Produce Record Levels Of Tax
Revenue, Which Is Helping Us Toward Our Goal Of A Balanced Budget.
Receipts have increased nearly 35 percent since the tax relief was
fully implemented in 2003, and the deficit has declined by $165 billion in
the last two years.
- Record Tax Revenues Generated By Our Growing Economy Helped
Us Reach The President's Goal Of Cutting The Deficit In Half Three Years
Ahead Of Schedule.
- Spending Restraint And Keeping Taxes Low Will Help Us Reach
The President's Goal Of Balancing The Federal Budget By 2012.
Unless We Act To Make Tax Relief Permanent, Americans Will Face A
Massive Tax Hike. The President's tax relief is set to expire at
the end of 2010. If this happens, hard-working Americans will get stuck with
Source: White House
- If you have children, your taxes would go up by $500 for each child;
- If you are in a family of four making $60,000 a year, your taxes
would go up by more than $1,800; and
- More than five million low-income Americans who now pay no income
taxes would once again have to pay.