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Washington, Jan 7, 2003 - Saying the plan will create jobs and spur growth, U.S. Rep. Ed Royce (CA-40) issued the following statement today in support of President Bush's economic growth package:

"The President's plan is necessary to restore confidence in our markets and to get people back to work. By helping to create 2.1 million jobs over the next three years, this plan provides the spark our economy needs.

"The American people know best how to spend their money, and this plan puts dollars back into their pockets for things like a down payment on a house, a child's college tuition, or a new washing machine.

"Under the President's proposal, 92 million taxpaying Americans would receive, on average, a tax cut of $1,083 in 2003 - this translates into much-needed relief for over 10 million Californians.

"By eliminating the double taxation of dividends for millions of stockholders, this plan will return about $20 billion this year to the economy. Right now, about half of all American households have some investment in the stock and bond markets, either directly or through mutual funds and retirement accounts. Currently, dividends from these investments are being taxed twice and this is wrong. It unfairly hurts seniors who rely on dividend checks for a steady source of income.

"Every worker who has lost his or her job and qualifies for unemployment benefits will get more help under the President's plan. In addition, the plan will also create new Personal Re-employment Accounts to help those in need to find a job.

"I am committed to working with the President and my colleagues in Congress to get this package moving and to kick-start our economy."