FROM THE OFFICE OF PUBLIC AFFAIRS

Today the Treasury Department released new data that show how many Americans will benefit from the President's tax relief plan when it is fully phased in.

Treasury Secretary Paul O'Neill stated, "These numbers show that President Bush's tax relief plan will let tens of millions of working Americans and their families keep more of their hard-earned income."
When fully phased-in:

• 103 million individuals and families will receive an average tax cut of $1,117.
• 74 million women will receive an average tax cut of $1,304.
• 36 million families with children will keep on average an extra $1,617 for their needs, such as their children's education.
• 8 million hard-working single moms will be able to keep on average $712 more of their paychecks for their family's most pressing needs.
• 13.4 million seniors will be able to keep on average $892 more of their income.
• 3.6 million individuals and families will have their tax liability completely eliminated by the President's tax relief plan.

"The numbers speak for themselves and they speak with a single voice: The President's plan gives tax relief to grandparents, grandchildren, and millions of Americans in between," stated O'Neill.

Source: Office of Tax Analysis. Projections based on 2002 income and population levels. The analysis is based on the following provisions: creating a new 10 percent individual income tax bracket, reducing individual income tax rates, reducing the marriage penalty, providing charitable deductions for non-itemizers, and increasing the child tax credit.