(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
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46,000,000 Number of married couples who will be able to enjoy Valentine's Day a little more knowing that they will receive an average of $1716 as a result of the President's jobs and economic growth plan.
- Under the Presidents plan, the standard deduction for married couples would be increased to double the amount of the standard deduction for single taxpayers in 2003. The width of the 15-percent tax bracket for married couples would be increased to twice the width for single taxpayers in 2003.
- These provisions were scheduled to phase-in over the period between 2005 and 2010 as part of the tax cuts of 2001. President Bush believes that the time to deliver this relief is nowV when it can do the most good for married couples, businesses, and the economy.
- Under the Presidents plan, 46 million married couples would receive average tax cuts of $1,716 in 2003, with the total tax relief for the tax year reaching $78 billion.
- 92 million taxpayersXespecially middle-income AmericansXwill benefit as tax reductions passed by Congress in 2001 are made effective immediately. Middle-income families will receive relief from the accelerated reduction of the marriage penalty, a faster increase in the child tax credit, and immediate implementation of the new, wider 10 percent tax bracket.
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