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<DOC> [Weekly Compilation of Presidential Documents] [frwais.access.gpo.gov] [Page i-ii] Monday, February 12, 2001 Volume 37--Number 6 Pages 257-278 Contents [[Page i]] Weekly Compilation of Presidential Documents [[Page ii]] Addresses and Remarks See also Meetings With Foreign Leaders J.C. Nalle Elementary School--274 Radio address--257 Ronald Reagan, tribute to former President, videotaped remarks--265 Swearing-in ceremonies Secretary of Commerce Donald Louis Evans--259 Secretary of Transportation Norman Y. Mineta--273 Tax cut Plan, announcement--257 Proposed plan--271 Tax family reunion--266 Virginia, Tree Top Toys & Books in McLean--263 Communications to Congress Andean Trade Preference Act, message transmitting report--263 Chemical Weapons Convention inspections, letter transmitting report--266 Iraq, national emergency, message transmitting report--274 Patients' Bill of Rights, letters--269, 270 Communications to Congress--Continued Tax cut, message transmitting proposed plan--273 Interviews With the News Media Exchanges with reporters Diplomatic Room--257 J.C. Nalle Elementary School--274 McLean, VA--263 Oval Office--261 South Lawn--266 Meetings With Foreign Leaders Canada, Prime Minister Chretien--261 Proclamations American Heart Month--268 National Burn Awareness Week--269 National Consumer Protection Week--260 Supplementary Materials Acts approved by the President--278 Checklist of White House press releases--277 Digest of other White House announcements--276 Nominations submitted to the Senate--277 Editor's Note: The Weekly Compilation of Presidential Documents is also available on the Internet on the GPO Access service at http:// www.gpo.gov/nara/nara003.html. WEEKLY COMPILATION OF ------------------------------ PRESIDENTIAL DOCUMENTS Published every Monday by the Office of the Federal Register, National Archives and Records Administration, Washington, DC 20408, the Weekly Compilation of Presidential Documents contains statements, messages, and other Presidential materials released by the White House during the preceding week. The Weekly Compilation of Presidential Documents is published pursuant to the authority contained in the Federal Register Act (49 Stat. 500, as amended; 44 U.S.C. Ch. 15), under regulations prescribed by the Administrative Committee of the Federal Register, approved by the President (37 FR 23607; 1 CFR Part 10). Distribution is made only by the Superintendent of Documents, Government Printing Office, Washington, DC 20402. The Weekly Compilation of Presidential Documents will be furnished by mail to domestic subscribers for $80.00 per year ($137.00 for mailing first class) and to foreign subscribers for $93.75 per year, payable to the Superintendent of Documents, Government Printing Office, Washington, DC 20402. The charge for a single copy is $3.00 ($3.75 for foreign mailing). There are no restrictions on the republication of material appearing in the Weekly Compilation of Presidential Documents. [[Page 257]] <DOC> [Weekly Compilation of Presidential Documents] [frwais.access.gpo.gov] [Page 257] Monday, February 12, 2001 Volume 37--Number 6 Pages 257-278 Week Ending Friday, February 9, 2001 The President's Radio Address February 3, 2001 Good morning. This coming week I will send to Congress my tax relief plan. It is broad and responsible. It will help our economy, and it is the right thing to do. Today, many Americans are feeling squeezed. They work 40, 50, 60 hours a week and still have trouble paying the electric bill and the grocery bill at the same time. At the end of a long week, they collect their paycheck, and what the Federal Government takes is often unfair. Picture a diner in one of our cities. At the table is a lawyer with two children. She earns $250,000 a year. Carrying her coffee and toast is a waitress who has two children of her own. She earns $25,000 a year. If both the lawyer and the waitress get a raise, it is the waitress who winds up paying a higher marginal tax rate. She will give back almost half of every extra dollar she earns to the Government. Both of these women, the lawyer and the waitress, deserve a tax cut. Under my plan, both of these women and all Americans who pay taxes will get one. For the waitress, our plan will wipe out her income tax bill entirely. My plan does some important things for America. It reduces taxes for everyone who pays taxes. It lowers the lowest income tax rate from 15 percent to 10 percent. It cuts the highest rate to 33 percent, because I believe no one should pay more than a third of their income to the Federal Government. The average family of four will get about $1,600 of their own money returned back to them. There's a lot of talk in Washington about paying down the national debt, and that's good, and that's important. And my budget will do that. But American families have debts to pay, as well. A tax cut now will stimulate our economy and create jobs. The economic news these days is troubling--rising energy prices, layoffs, falling consumer confidence. This is not a time for Government to be taking more money than it needs away from the people who buy goods and create jobs. My plan will keep all Social Security money in the Social Security System, where it belongs. We will eliminate the death tax, saving family farms and family-owned businesses. We'll reduce the maximum rate on small business income to 33 percent, so they can help create the jobs we need. Above all, my plan unlocks the door to the middle class for millions of hard-working Americans. The country has prospered mightily over the past 20 years. But a lot of people feel as if they have been looking through the window at somebody else's party. It is time to fling those doors and windows open and invite everybody in. It is time to reward the work of people trying to enter the middle class and put some more money in their pockets at a time when they need it. My tax reduction plan does all these things, and I hope you'll support it. Thank you for listening. Note: The address was recorded at 8:30 a.m. on February 2 in the Oval Office at the White House, for broadcast at 10:06 a.m. on February 3. The transcript was made available by the Office of the Press Secretary on February 2 but was embargoed for release until the broadcast. <DOC> [Weekly Compilation of Presidential Documents] [frwais.access.gpo.gov] [Page 257-259] Monday, February 12, 2001 Volume 37--Number 6 Pages 257-278 Week Ending Friday, February 9, 2001 Remarks Announcing the Tax Cut Plan and an Exchange With Reporters February 5, 2001 The President. Good morning. I want to thank the families for being my guests here at the White House. I'm honored to host the Peterson family, the Claytor family, and the Gordon family, to talk about the economic challenges they face. Their circumstances are [[Page 258]] different, but I strongly believe they deserve to keep more of their own money, and so does every family in America, deserve to keep their own money. And we're talking to these families here--I think they like the idea. Despite the prosperity of the past two decades, many American families feel squeezed. They sometimes carry a lot of consumer debt. In 1998 the average family credit card debt was more than $4,000. At the same time, every American family is facing higher energy costs. Under the plan I'll be sending to Congress later this week, every American who pays income taxes will get tax relief. And the average relief for a family of four with two children will be $1,600. This is real and practical help, when at this time many Americans need it. Sixteen hundred dollars will pay the average mortgage for a month. Sixteen hundred dollars will pay for a year's tuition at a community college. Sixteen hundred dollars will pay the average gasoline costs for two cars for a year. And $1,600 will buy the average California family 24 months' worth of electric power. My plan addresses the struggles of American families and respects their judgment. It doesn't tell families how to spend their money. It doesn't single out some Americans for relief, while leaving others out. It's tax relief for everybody who pays taxes. That's what the times and basic fairness demand. Here's how it will work. Under the existing law, Americans are grouped in five income tax brackets: 15 percent, 28 percent, 31 percent, 36 percent, and nearly 40 percent. My plan would reduce that to four lower brackets: 10 percent, 15 percent, 25 percent, and 33 percent. In other words, we'd begin the simplification of the code. Each of the families with me today would benefit from these lower taxes. Most families will get a $1,000-per-child tax credit. Everybody who pays income taxes will get some relief, but the biggest percentage cuts will go to the families who need it most. The Peterson family, for example, will get a 100 percent cut in their income taxes, saving almost $1,100 a year. Paul and Debbie and their two beautiful girls would appreciate that. All of the income tax rates should be cut. Most families over a lifetime will move through a couple of different tax brackets. Many families will move through all four as they move up the ladder of economic success and then back down as they retire and leave the work force. Our tax code should not punish success at any stage of life. The top Federal income tax rate at almost 40 percent, and the State income taxes on top of that, people can sometimes feel like the junior partner in their own lives. That's why we set the top rate at 33 percent. I believe it's an important principle that no American should pay more than a third of his or her income to the Federal Government in Federal taxes. And Government shouldn't block the way into the middle class for hard-working people who are trying to get there. The single mother earning $25,000 a year manages to earn $1,000 by getting a promotion; the Federal Government takes about half of it away from her. That's a higher marginal tax rate than a lawyer earning $250,000. That's not right, and that's wrong. And my plan addresses this inequity. This is my approach: tax relief for everybody, in every bracket, averaging $1,600 per family, while still reducing our national debt and funding important priorities. I'm asking all Americans to examine this plan, and I'm asking for your support. The Constitution charges the Congress with the responsibility to write our tax laws. And I respect that responsibility. But it is my obligation to lead, and that's what I'm going to do. My plan is good for the long-term health of our economy. It is good for the businesses that create jobs. It is good for America and for the American families that make our country so unique and strong. Thank you for coming. Retroactive Tax Cut Q. Mr. President, do you think the tax cut should be retroactive to the first of the year? The President. A lot of Members of Congress have talked to me about that. And I do. And we look forward to working with Congress to expedite money into the pockets of the American people. I strongly believe that a tax relief plan is an important part of helping our country's economy recover. And [[Page 259]] I think expediting money into peoples' pockets is going to be a key ingredient. I look forward to working with Congress, Members of both parties, to accommodate the budgetary needs and, at the same time, help get money into peoples' pockets quicker.
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