FROM THE OFFICE OF PUBLIC AFFAIRS
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March 17, 2005
JS-2326
New Treasury Data Shows Tax Cuts Providing Benefits to Millions of Taxpayers
WASHINGTON, DC – New Department of the Treasury estimates released today show that over 105 million Americans will have a lighter tax bill thanks to the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. Nearly 94 million Americans benefit from the new 10% rate, 27 million families benefit from the increase in the child tax credit, and over 32 million married couples enjoy a lower tax burden thanks to the reduction of the marriage penalty.
"While no one looks forward to paying taxes, thanks to President Bush's tax cuts this tax day will be far less painful for millions of Americans," Treasury Secretary John Snow stated. "Tax relief has resulted in a growing economy that is producing jobs and creating a better standard of living for Americans. Now is the time to make tax relief permanent so that we can extend this period of economic growth and allow families to plan for their future without worrying that their taxes might be raised."
The attached table contains national and state estimates of the number of filers that benefit from tax relief.
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