    [Public Papers of the Presidents of the United States: George W. Bush (2006, Book II)]
    [October 28, 2006]
    [Pages 1935-1936]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    October 28, 2006

        Good morning. Election day is around the corner, and one of the
    biggest issues at stake in this campaign is your taxes. Here is my
    philosophy: I believe that our economy grows and the American Dream
    reaches more citizens when you keep more of what you earn. With more
    money in your pocket, it is easier for families to afford a good
    education, it is easier for young people to afford the downpayment on a
    home of their own, and it's easier for small-business owners to go out
    and invest and create jobs.
        So my administration and the Republican Congress enacted the largest
    tax relief since Ronald Reagan was in the White House. We cut taxes for
    every American who pays income taxes. We doubled the child tax credit.
    We reduced the marriage penalty. We cut taxes on small business. We cut
    taxes on capital gains and dividends to promote investment and jobs. And
    to reward family businesses and farmers for a lifetime of hard work and
    savings, we put the death tax on the path to extinction.
        Now the results of these tax cuts are in. The tax cuts we passed
    have left more than a trillion dollars in the hands of American workers,
    families, and small businesses, and you have used that money to fuel a
    strong and growing economy. Last year, our economy grew faster than any
    other major industrialized nation. This week, we learned that our
    economy grew by 1.6 percent during the third quarter of this year. As we
    expected, this rate is slower than in previous quarters. Yet the
    evidence still points to a vibrant economy that is providing more jobs
    and better wages for our workers and helping reduce the Federal deficit.
        Since August 2003, the American economy has created more than 6.6
    million new jobs, including over 1.7 million jobs in the past 12 months
    alone. Real take-home wages are up by 2.2 percent over the past year,
    which means an extra $1,300 for the typical family of four with two wage
    earners. And the economic growth spurred by tax cuts has helped reduce
    the deficit. Tax revenues have soared as the economy has grown, allowing
    us to meet our goal of cutting the Federal deficit in half, 3 years
    ahead of schedule.
        All these signs point to one conclusion: Cutting your taxes worked.
    Unfortunately, the Democrats are still determined to raise your taxes,
    and if they gain control of the Congress, they can do so without lifting
    a finger. Under current law, many of the tax cuts we passed have to be
    renewed by Congress, or they will expire. In other words, if Congress
    fails to act, your taxes will automatically go up. If Democrats take
    control of the House, the committee in charge of all tax legislation
    would be chaired by a Democrat who
    recently said he cannot think of one of our tax cuts that he would
    extend. And if there's no legislation to renew and extend the tax cuts,
    every tax rate will go back up to its old, higher level.
        Take just one example: If Democrats have their way, the child tax
    credit will be cut in half, from $1,000 per child to just $500 per
    child. And think of what that means for your family. Next time you're
    having dinner at home, look around the table and multiply the number of
    children you have by $500. That's how much more you will be sending to
    Washington in taxes if Democrats take control of the Congress. If you
    have two children, that is an extra $1,000 the Democrats will add to
    your tax bill every year. If you have three children, that's an extra
    $1,500. If you have four children, that's an extra $2,000. That may not
    seem like a lot to Democrats in Washington, but for working families
    across America, that is real money.

    [[Page 1936]]

        The decision you make on election day will have a direct impact on
    America's economy and on your family budget. So this coming week, I'll
    be traveling across America, and I'll be carrying this message: Whether
    you're a worker earning a paycheck, or a small-business owner who's
    thinking about hiring more workers, or a family worried about gas prices
    or health care costs, the last thing you need now is a higher tax bill.
    To keep this economy growing and delivering prosperity to more
    Americans, we need leaders in Washington who understand the importance
    of letting you keep more of your money and making the tax relief we
    delivered permanent.
        Thank you for listening.

    Note: The address was recorded at 7:50 a.m. on October 27 in the Cabinet
    Room at the White House for broadcast at 10:06 a.m. on October 28. The
    transcript was made available by the Office of the Press Secretary on
    October 27 but was embargoed for release until the broadcast. The Office
    of the Press Secretary also released a Spanish language transcript of
    this address.