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April 17, 2006
js-4184
Statement by Treasury Secretary John W. Snow
On Tax Day 2006
"Americans have a healthy, traditional dislike of the day in April when taxes are due. It's part of our national identity to dread the `tax man' and to be wary of government taking things away from us – be it our rights or our money.
"But there is some good news on Tax Day this year because millions more Americans are working – and they're paying less in taxes thanks to tax relief signed into law by President Bush. Over 5 million individuals and families have seen their income tax liabilities completely eliminated, and tax relief for other groups abound:
- 44 million families with children will receive an average tax cut of nearly $2,500.
- 14 million elderly individuals will receive an average of $2,000.
- 25 million small business owners will save an average of $3,600.
"The benefits of lower taxes are not just felt on Tax Day. They are felt every day, in the outstanding growth of the American economy. Since the Jobs & Growth Act of 2003 took effect, more than 5.1 million jobs have been created, with 211,000 new jobs in the past month alone.
"Tax Day will never be a day that we as a country look forward to, and that's all right; it's part of our fiercely independent spirit as Americans. But there is a risk for future tax days to be more painful, and I hope that Congress keeps the strong American desire for lower taxes in mind when they return from their spring recess. I commended Congress for making real progress before they left for break on a package to extend the President's tax relief for capital gains and dividends for two years and providing AMT relief, and I strongly urge them to complete work on this package as soon as possible when they return from recess."
REPORTS