[Weekly Compilation of Presidential Documents Volume 37, Number 29 (Monday, July 23, 2001)]
[Pages 1071-1072]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.
     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

[[Page 1072]]

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the death tax will ultimately be repealed.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. A tape was not available for verification of the content of 
these remarks.