[Weekly Compilation of Presidential Documents Volume 37, Number 23 (Monday, June 11, 2001)]
[Pages 843-844]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

June 2, 2001

    Good morning. Over the last few months I have often used this radio 
time to advocate major tax relief. Today I'm pleased to report success. 
Soon Congress will send me a bill reducing Federal income taxes by $1.35 
trillion over the next 11 years, and I will proudly sign it.
    Under the new law, more than 98 million Americans who pay income 
taxes will be owed a refund. This year most single taxpayers will 
receive checks for $300; single-parent taxpayers will receive up to 
$500; and married couples will receive a check for up to $600. Over the 
next 10 years, the per-child tax credit will double from $500 to $1,000; 
the marriage penalty will be reduced; and the death tax will be 
completely abolished.
    Some other provisions of the tax bill haven't received quite as much 
attention. But they will make a great difference in the lives of many 
Americans. For low income families, the child tax credit will now be 
partially refundable. Right now, many poor families don't qualify for 
the credit because they don't pay income taxes at all. Soon, they will 
receive a tax credit to help meet the cost of raising their children.
    The new tax law also encourages higher contributions to retirement 
plans. In years to come, you'll have the chance to put more money into 
your IRA or 401k. You can better prepare for your later years, sending 
less of your money to Washington and more into your own savings.
    I'm especially pleased by what these reforms will do for families 
that adopt children. Adoptive parents have a special calling, giving a 
loving home to children who otherwise would have none. The new law will 
double the maximum adoption tax credit to $10,000 and make the credit 
permanent. And regardless of their expenses, parents who adopt children 
with special needs will be able to claim this tax credit in the year the 
adoption is completed.
    Tax relief is an important bipartisan achievement. And now we must 
build on that momentum to improve our public schools. We are within 
reach of historic education reform. So far, the signs are very good. 
Both parties have been working together, and I hope both parties will 
vote together, as well.
    The plan I have sent to Congress stresses local control of schools, 
instead of trying to run the schools from Washington. The plan calls for 
accountability, requiring that every school set high standards and 
measure results. My plan gives flexibility to schools in meeting these 
standards and more freedom to parents in making their own choices.
    Skeptics may claim that these education reforms are too much to hope 
for, but that's what used to be said about tax relief. The truth is that 
real reform is possible, if we lay our partisan differences aside and 
work together in the interests of the American people.
    Thank you for listening.

Note: The address was recorded at 11:45 a.m. on May 31 in the Cabinet 
Room at the White

[[Page 844]]

House for broadcast at 10:06 a.m. on June 2. The transcript was made 
available by the Office of the Press Secretary on June 1 but was 
embargoed for release until the broadcast. The Office of the Press 
Secretary also released a Spanish language transcript of this address.