    [Public Papers of the Presidents of the United States: George W. Bush (2001, Book II)]
    [July 20, 2001]
    [Pages 883-884]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Satellite Remarks From Genoa, Italy, to a Tax Relief Celebration in
    Kansas City, Missouri
     July 20, 2001

         Well, Dick, thank you very much. And I want
    to say hello from Italy. I'm in Europe today for a summit meeting with
    the leaders of the world's most industrialized economies, but I couldn't
    miss this important day for America. Today the benefits of tax relief
    begin coming home for everyone who pays income taxes in America. Tax
    relief is now as real as a stamp, an envelope, and a check--first in the
    mailbox and very soon in the hands of our American taxpayers.
         You know, this really isn't a gift from the Government. This is a
    refund of your own money, money you've earned and money you'll now be
    able to spend.

    [[Page 884]]

         In February I told the American people that our Federal Government
    was over-charging them. I said the Federal Government was overcharging
    them, and on your behalf, I demanded a refund. Congress worked with me
    in a bipartisan way, and now your money is on its way back to you.
         You may choose to buy something your family needs. You may choose
    to pay your bills, reduce credit card debt, or save for the future. It's
    your money, and it's your choice. And you can feel comfortable spending
    your refund check if you want to, because there is more to come. These
    checks are just one installment of tax relief, the result of lowering
    the current lowest income tax bracket of 15 percent to a new, lower 10
    percent bracket.
         Some reductions in tax rates went into effect on July 1st and
    already evident in lowering withholding of taxes from your paycheck.
    More reductions are coming in the months and years to come. The child
    credit will increase this year; the marriage penalty will be reduced;
    the death tax will ultimately be repealed. It's all part of the tax
    relief plan passed into law earlier this summer.
        For many of you, this refund is coming just when you need it. Over
    the last few years, energy prices and credit card debt have been rising,
    and many families have felt the squeeze. These checks will help provide
    timely relief.
         And by helping tens of millions of Americans, we will help our
    economy. Beginning late last summer and early fall, our economy,
    especially the manufacturing sector, began slowing. The combination of
    this tax relief and lower interest rates should help get it moving
    again.
         I thank all of those who have supported this tax relief for the
    past year and a half, since I first proposed it during my campaign in
    the State of Iowa. I thank all the Republicans and many Democrats in
    Congress who joined me to make it a reality. Some of those Members are
    with you here today, including Trent Lott and
    House Ways and Means Chairman Bill Thomas.
    I want to thank those fine leaders.
         I also thank Secretary of Treasury Paul O'Neill for his strong leadership. Of course, I want to thank my
    friend the Vice President of the United States, Dick Cheney. No better Vice President has ever existed in the United
    States. For all those who--[applause]--and that's saying something,
    since I knew another Vice President, by the way.
         For all those who feel their taxes and bills are too high, and they
    could use a little help, help is on the way.
         Thank you all very much. It's an honor to represent the greatest
    country on the face of the Earth here in Italy. I look forward to seeing
    you when I come home. In the meantime, God bless you all, and God bless
    America.

    Note: The President spoke by satellite at 6:02 p.m. from the Sala
    Atlantico at the Jolly Marina Hotel. A tape was not available for
    verification of the content of these remarks.