(Archived Content)
Treasury Secretary Paul O'Neill statement on the signing of the tax relief bill:
:President Bush today made good on a promise of tax relief for everyone who pays income taxes. With a stroke of his pen, the President has shown the American people that great things can happen when both parties work together and unite around principle.
In the next few months income tax payers will receive the first installment of tax relief, in the form of a check. The bill the President signed today provides for significant and long-term tax reductions for all income tax payers. The average family with children will pay $1,463 less in federal income taxes when the entire tax relief package is effective. Income tax rates will fall, death will cease to be a taxable event, the child credit will increase, the marriage penalty will be reduced, and retirement and education savings options will be expanded.
President Bush, together with Congress overcame defeatist deadlock and delivered to the nation tax relief that is fair, family friendly, fiscally sound, and a second wind for our economy.
This tax cut is a promise delivered. It will have a real, positive effect on millions of Americans in all walks and stages of life.