[Weekly Compilation of Presidential Documents Volume 39, Number 16 (Monday, April 21, 2003)]
[Pages 441-444]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks Following Discussions With Business Leaders

April 15, 2003

    Christine, thanks for the kind words. Thank you for being a 
entrepreneur who was encouraging to your fellow workers to serve their 
country. You represent a lot of bosses across this country who 
encouraged the reservist or the guard, who made sure there was a job 
available when they came home and, at the same time, supported their 
family. And I want to thank you very much for that.
    I want to welcome you all to the Rose Garden. It is a beautiful day. 
It's a beautiful day for our country too. We've got troops still 
fighting in Iraq, and our Nation takes great pride in the men and women 
who wear our country's uniform and who sacrifice for security and peace. 
The world has seen their skill and their courage and their humanity. 
They bring security to our country and, at the same time, bring freedom 
to the Iraqi people.
    I appreciate the chance to meet with small-business leaders from 
around our country to discuss the challenges facing our economy. The 
small-business folks in America, the entrepreneurs, represent one of the 
great strengths of this country, the spirit of free enterprise, the 
willingness to take risk, the hard work required to move this economy 
forward.
    Small-business owners and employees understand that this economy has 
a great deal of unmet potential. The American people have all the talent 
to meet that potential, and that's why I'm so optimistic about the 
future for our economy.
    The Nation needs quick action by our Congress on a progrowth 
economic package. We need tax relief totaling at least $550 billion to 
make sure our economy grows. And American workers and American 
businesses need every bit of that relief now so that people who want to 
find a job can find one, so that people looking for work are able to put 
food on the table for their families.
    I want to thank Christine for coming. I appreciate the fact that she 
is the CEO of her own business. We just had a roundtable discussion in 
the Roosevelt Room, and one of the things I love--told the folks there I 
loved about America was the fact that somebody can own their own 
business, that ours is an ownership society. I think that's one of the 
things that makes America so unique, is the entrepreneurial spirit and 
the drive by people from all walks of life to start their own business, 
succeed with their own business. And at the same time, it's that drive 
that makes it likely somebody is going to find work.
    I appreciate Karla Aaron, who's with us as well, Hialeah Metal 
Spinning from South Florida. And I want to thank Tim Barrett, who is the 
owner of Wood World. Tim said he's got--he's about as small a business 
unit as you can get. He's got four employees. I said, ``Well, it's four 
times bigger than the smallest.'' [Laughter] And I appreciate Frank 
Fillmore as the president of The Fillmore Group. Thank you all for 
standing up here as well.
    Steve Anderson was with us today, who is the head of the National 
Restaurant Association. His association represents all kinds of 
entrepreneurs. The restaurant industry is a great place for people to 
get their start in achieving the American Dream.
    Sal Gomez was here representing the Denver Hispanic Chamber of 
Commerce. The most interesting statistics about the entrepreneurial 
spirit is the number of Hispanic small businesses that are flourishing 
in our country. It's one of the great tributes to America and our open 
society.
    I appreciate so very much Tom Donohue, who is the head of the U.S. 
Chamber, for joining us today. Jerry Jasinowski is the head of the 
National Association of Manufacturers, is with us. Karen Kerrigan is the 
Small Business Survival Committee--that's a pretty good name. [Laughter] 
Tom Musser is the National Federation of Independent Businesses, NFIB. 
And Terry Neese is Women

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Impacting Public Policy, joined us at our discussion in the Roosevelt 
Room; Bill Parsley of Carswell Distributing Company; Dirk Van Dongen, 
who is my good buddy, who represents the National Association of 
Wholesaler-Distributors; and Melanie Sabelhaus, who represents the Small 
Business Administration. We had a great discussion. I want to thank you 
all for joining us there, and I appreciate everybody else coming today 
as well.
    On the first day of the new Congress more than 3 months ago, I spoke 
to the business leaders in Chicago, Illinois. I described two great and 
immediate tasks facing our country: first, to meet the dangers to 
America wherever they gather; and secondly, to achieve a vigorous and 
growing economy. Those remain the highest priorities of my 
administration. And there's no doubt we're going to meet those 
priorities.
    This Government is acting to protect the American people from the 
threats of a new era. In Iraq, the regime of Saddam Hussein is no more. 
A month ago--one month ago--that country was a prison to its people, a 
haven for terrorists, an arsenal of weapons that endangered the world. 
Today, the world is safer. The terrorists have lost an ally. The Iraqi 
people are regaining control of their own destiny. These are good days 
in the history of freedom.
    Our victory in Iraq is certain, but it is not complete. Centralized 
power of the dictator has ended. Yet, in parts of Iraq, desperate and 
dangerous elements remain. Forces of our coalition will engage these 
enemies until they surrender or until they're destroyed. We have waged 
this war with determination and with clarity of purpose, and we will see 
it through until the job is done.
    As we press on to liberate every corner of Iraq, we are beginning 
the difficult work of helping Iraqis to build a free and stable country. 
The immediate tasks involve establishing order as well as delivering 
food and water and medicines. We'll help Iraqis to restore electrical 
power and other basic services. We'll help destroy the former regime's 
weapons of mass destruction. We'll help the Iraqi people to establish a 
just and representative government which respects human rights and 
adheres to the rule of law. These tasks will take effort, and these 
tasks will take time. But I have faith in the Iraqi people, and I 
believe that a free Iraq can be an example of reform and progress to all 
the Middle East.
    Our victory in Iraq will be a crucial advance in the war against 
terror. Yet, the war on terror continues. Our Nation is still threatened 
by determined and resourceful enemies. The proliferation of weapons of 
mass destruction remains a danger to the civilized world. Yet from the 
very day our country was attacked, we have sent a clear message to all 
who would threaten us and our friends and our allies: The United States 
of America and our coalition will defend ourselves. When we make a 
pledge, we mean it. We keep our word, and what we begin, we will finish.
    Another great priority of the Government is to encourage prosperity 
and the creation of jobs for all who seek them. Here in Washington, 
we're now determining the size and the shape of a package to promote 
growth in jobs. It's not ``if'' we have a package; it's how big will the 
package be? The ``if'' is over with. In this debate, the goal is not to 
set arbitrary numbers for that package. The goal is to determine what 
our economy needs, what small businesses need, what workers need, and 
then to take actions necessary to meet those needs. The proposals I 
announced 3 months ago were designed to address specific weaknesses 
slowing down our economy and keeping companies from hiring new workers. 
Those weaknesses remain today.
    All of you know that economic and job growth will come when 
consumers buy more goods and services from businesses such as your own. 
And the best and fairest way to make sure Americans can do that is to 
grant them immediate tax relief so they have more of their own money to 
spend or save.
    In 2001, the Congress passed broad tax reductions in income taxes 
and promised much of this tax relief for future years. With the economy 
as it is, the American people need that relief right away. The tax cuts 
are good enough for the American taxpayers 3 or 5 or 7 years from now; 
they are even better today.

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    Instead of lowering taxes little by little, the Congress should do 
it all at once and give our economy the boost it needs. Instead of 
gradually reducing the marriage penalty, we should do it now. Instead of 
slowly raising the child credit from $600 to $1,000, we should do it 
now. And we should send the extra $400 per child to American families 
this year, 2003.
    All together, these tax reductions will help 92 million Americans. 
And a significant part of the benefit to our economy will come within 
the first 2 years of the plan. A family of four with an income of 
$40,000 would receive a 96-percent reduction in Federal income taxes. 
Instead of paying $1,178 per year, the family would pay $45 a year. That 
means extra money in the family budget, year after year. That money can 
cover a lot of bills. That money can help families with purchases they 
have been delaying. That money will be in circulation, which will be 
good for our economy.
    And this plan will help our small-business sector. The benefits of 
the growth plan will come from increased consumer spending and, as 
importantly, from lower income-tax rates on the small businesses 
themselves. It is important for our fellow citizens to understand that 
most small businesses pay their business taxes at the individual rates. 
Most small businesses are sole proprietorships or limited partnerships 
or Subchapter S's.
    And therefore, when you reduce individual tax rates, you benefit 
small-business formation. As a matter of fact, under this plan, some 23 
million small-business owners will see their taxes cut, which leaves 
more money for investment, more money for growth, more money for job 
creation. A growing economy also needs small-business investment, and 
our Tax Code should encourage investment. Today, a small business can 
deduct a maximum of $25,000 in the year in which they buy equipment. We 
need to triple the amount that can be deducted in the year in which they 
buy equipment.
    So I proposed to Congress that they ought to limit--the limit ought 
to be increased to $75,000, and that limit ought to be indexed to 
inflation. By doing so, we promote greater investment in machinery, and 
when a small business buys a machine, it enhances their company's 
productivity. As well, it means the machinery manufacturer is likely to 
have more work available. More investment equals jobs, and what we're 
interested in in this administration is helping people who look for work 
find a job.
    We can also promote economic growth and job creation by removing the 
double tax on dividends. Taxing corporate income once is fair. It is not 
fair for the Federal Government to tax the same money twice. The burden 
of double taxation falls on the millions of individuals who receive 
dividends. It falls especially hard on seniors, who receive half of all 
dividend income.
    The removal of double taxation would put more money into the hands 
of investors; it would encourage more investment in American businesses. 
Economists say that this plan will help our stock markets. And since 
half of American families own stock, the reform will help them save and 
help our economy grow.
    Now, these measures were presented to the Congress in the first week 
of this year. The progrowth package was urgent in January. It's even 
more urgent today. It is important for you all to understand and for our 
fellow Americans to understand, the tax relief I have proposed and will 
push for until enacted will create 1.4 million new jobs by the end of 
2004.
    In 2 years' time, this Nation has experienced war, a recession, and 
a national emergency, which has caused our Government to run a deficit. 
The best way to reduce the deficit is with more growth in our economy, 
which means more revenues to our Treasury and less spending in 
Washington, DC.
    I am pleased that both the House and the Senate have passed budget 
resolutions that show real spending restraint. And now the Congress must 
focus on a robust and effective growth package. We need at least $550 
billion in that package because the more tax relief that goes to the 
American people, the more jobs we will create in this economy.
    The last few months have been a time of challenge for America. Our 
resolve has been tested. Yet, we have the great resources of national 
strength and national character to overcome every challenge we face. Our 
confidence and our optimism have never

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wavered. We are defending the peace of the world. We're bringing freedom 
to corners of the world that haven't seen freedom in years. We're also 
building the prosperity of our country.
    This is a unique moment in our history, and the American people are 
rising to meet it.
    I want to thank each of you for your hard work. I want to thank each 
of you for the faith you have shown in this country's future. May God 
bless you, and may God continue to bless America. Thank you all.

Note: The President spoke at 11:16 a.m. in the Rose Garden at the White 
House. In his remarks, he referred to Christine J. Bierman, founder and 
chief executive officer, Colt Safety, Fire & Rescue; Karla Aaron, owner, 
Hialeah Metal Spinning, Inc.; Tim Barrett, owner, Wood World; Frank C. 
Fillmore, Jr., founder and president, The Fillmore Group; Steven C. 
Anderson, president and chief executive officer, National Restaurant 
Association; Salvador Gomez, chairman of the board and chief executive 
officer, Denver Hispanic Chamber of Commerce; Thomas J. Donohue, 
president and chief executive officer, U.S. Chamber of Commerce; Jerry 
Jasinowski, president, National Association of Manufacturers; Karen 
Kerrigan, chairman, Small Business Survival Committee; Tom Musser, 
chairman of the board, National Federation of Independent Business; 
Terry Neese, president and co-founder, Women Impacting Public Policy; 
William Parsley, president, Carswell Distributing Co.; Dirk Van Dongen, 
president, National Association of Wholesaler-Distributors; and former 
President Saddam Hussein of Iraq. The Office of the Press Secretary also 
released a Spanish language transcript of these remarks.