FROM THE OFFICE OF PUBLIC AFFAIRS

This week, as millions of taxpayers will be scrambling to file their tax returns, its worth pointing out that Washington is taking more from people than it needs to run the government and pay down the debt. The President is proposing structural tax code changes to relieve this over-taxation and allow people to keep more of their own money. He's proposed:

CUTTING INCOME TAX RATES

• 98 million people in United States who paid Federal income taxes last year would stand to keep more of what they earned once the President's income tax rate cut is law.
• 17.4 million small business owners and entrepreneurs in United States were taxed on their business income under the individual rates last year. These small business entrepreneurs are the engine of growth in our economy. The tax relief they receive under the President's plan could be used to invest in new equipment, hire additional workers and increase pay.

• There are approximately 26 million taxpayers in United States who took the child credit last year, who are potential beneficiaries of doubling the credit under the President's proposal.

• There are approximately 50 million married couples in United States who filed jointly last year. Many of those couples paid a marriage penalty and will get marriage penalty relief from the President's income tax cut. 

ALLOWING NON-ITEMIZERS TO DEDUCT CHARITABLE CONTRIBUTIONS

• The 87 million filers in United States who did not claim itemized deductions last year would now be eligible to take a deduction for their charitable contributions.

" It's important to enact the President's tax relief plan quickly to give the slowing economy a much needed second wind," said Treasury Secretary Paul O'Neill. " We're working to put money back in the hands of the people who earned it this year."