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For Immediate Release
April 5, 2006
In Focus: Tax Relief
In Focus: Economy
Setting the Record Straight
The New York Times' Own Numbers Show That The 2001-2003 Enacted Tax Relief Benefits Middle-Class Americans
FACT: The 92.1 million taxpayers with annual incomes of less than $50,000 in 2003 saw a 47 percent reduction in their average tax bill from President Bush's 2001-2003 income tax relief. ("Who Benefits Most From Tax Cuts On Investment Income," The New York Times, 4/5/06)
FACT: The 26.9 million taxpayers with annual incomes between $50,000 and $100,000 in 2003 saw a 20 percent reduction in their average tax bill from President Bush's 2001-2003 income tax relief. ("Who Benefits Most From Tax Cuts On Investment Income," The New York Times, 4/5/06)
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Regular Income Tax Cuts, 2001-2003 |
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Income In 2003 |
Number Of Taxpayers |
Average Adjusted Gross Income |
Average Tax Cut |
Pct. Chg. In Avg. Tax Bill |
Less Than $50,000 |
92,093,452 |
$19,521 |
$425 |
-47% |
$50,000 To 100,000 |
26,915,091 |
70,096 |
1,588 |
-20 |
The New York Times, 4/5/06)
FACT: In the last five years, the President's tax relief has helped spur growth by keeping $880 billion in the hands of the American people.
Democrat Support For Higher Taxes
FACT: Most Congressional Democrats voted against the Economic Growth and Tax Relief Reconciliation Act of 2001. (H.R. 1836, CQ Vote #149: Adopted 240-154: R 211-0; D 28-153; I 1-1, 5/26/01; H.R. 1836, CQ Vote #170: Adopted 58-33: R 46-2; D 12-31, 5/26/01)
FACT: The Economic Growth and Tax Relief Reconciliation Act of 2001 provided tax relief for married couples.
FACT: The Economic Growth and Tax Relief Reconciliation Act of 2001 put the death tax on the road to extinction.
FACT: The Economic Growth and Tax Relief Reconciliation Act of 2001 doubled the child credit.
FACT: Nearly all Congressional Democrats voted against the Jobs and Growth Tax Relief Reconciliation Act of 2003. (H.R. 2, CQ Vote #225: Adopted 231-200: R 224-1; D 7-198; I 0-1, 5/23/03; H.R. 2, CQ Vote #196: Adopted 51-50: R 48-3; D 2-46; I 0-1, With Vice President Cheney Casting A "Yea" Vote, 5/23/03)
FACT: The Jobs and Growth Tax Relief Reconciliation Act of 2003 cut taxes on capital gains and dividends.
President Bush's Pro-Growth Policies Are Producing Results
FACT: Last year, the economy grew at a healthy 3.5 percent rate – faster than any other major industrialized country.
FACT: Over the past two-and-a-half years, we have added nearly 5 million new jobs – more than Japan and the European Union combined.
FACT: The unemployment rate is at 4.8 percent – lower than the average of the 1970s, 1980s, and 1990s.
FACT: More Americans now own their homes than at any time in our Nation's history, and minority home ownership rates have reached record highs.
FACT: Productivity in the non-farm business sector has grown faster over the last five years than any five year period in the last 39 years, and small businesses are thriving.
FACT: Inflation is contained, household total net worth is at an all-time high, and real after-tax income is up more than 8 percent since the beginning of 2001.
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