Press Releases

Statement by Treasury Secretary John W. Snow On Tax Day 2006

(Archived Content)

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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. America's unemployment rate is 4.7 percent lower than the average of the 1960s, 1970s, 1980s, and 1990s more Americans own their homes than ever before, family wealth is increasing at a faster rate than during the previous business cycle, and tax revenues are surging to their highest level ever.

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.

 

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