[Weekly Compilation of Presidential Documents Volume 40, Number 41 (Monday, October 11, 2004)]
[Pages 2222-2223]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

October 2, 2004

    Good morning. Next week in Iowa, I will proudly sign the Working 
Families Tax Relief Act. This bipartisan law is good news for America's 
families. It keeps in place major portions of the tax relief we passed 
over the last 3 years. It preserves marriage penalty relief, the $1,000 
child tax credit, and the expanded 10-percent tax bracket. The law also 
increases the refund limit on the child tax credit, which means about 7 
million low-income families will get higher refund checks next year.
    Because we acted, 94 million Americans will have a lower tax bill 
again next year, including 70 million women and 38 million families with 
children. I met many families that are benefiting from tax relief, 
including Gary and Angela Brown, from Springfield, Missouri. Gary works 
at a manufacturing company, and Angela stays at home with their four 
children. Last year, the Browns saved about $3,000 on their taxes. They 
used some of that money to put a downpayment on braces for their 
daughter. If Congress had not extended tax relief, the Brown's tax bill 
would have gone up $1,500 next year. Now, because we acted, they will be 
able to keep and use that money. Tax relief has helped

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millions of families, like the Browns, to spend, save, and invest for 
the future. Thanks to their hard work, America's economy is strong and 
getting stronger.
    This week brought more evidence that tax relief is helping our 
entire economy move forward. The economy grew at an annual rate of 3.3 
percent in the second quarter. America's economy has been growing at 
rates as fast as any in nearly 20 years. And for 12 consecutive months, 
our economy has been creating jobs. We've added 1.7 million jobs since 
August, 2003, including 107,000 manufacturing jobs since January.
    The unemployment rate is now 5.4 percent, down almost a full point 
since June, 2003, and below the average rate of the 1970s, 1980s, and 
1990s. The homeownership rate is at an alltime high, and new home sales 
are still rising. After-tax income is increasing, which means workers 
are keeping more of their paychecks. The tax relief we passed is 
working.
    Having extended tax relief, we must take additional action to 
strengthen our economy so every American who wants to work can find a 
job. To create more jobs, we need to reduce the burden of regulation on 
small businesses. We need to end the junk lawsuits that keep 
entrepreneurs from creating new jobs. Congress needs to pass my energy 
plan to make America less dependent on foreign sources of oil. We need 
to open more foreign markets to American products and ensure that other 
countries play by the rules. We must continue to spend taxpayer dollars 
wisely in Washington, DC. And to help families and small businesses plan 
with confidence, we need to make all of the tax relief permanent.
    Some politicians in Washington have a different view of tax relief. 
When I proposed tax relief for working families in 2001 and 2003, 
Senator Kerry and other Democratic leaders voted against it. In fact, 
Senator Kerry has voted consistently against marriage penalty relief, 
against increasing the child tax credit, and against expanding the 10-
percent bracket. Now, Senator Kerry and the Democrat leaders are 
proposing a lot of new Federal spending, and the only way to pay for all 
their promises is to raise taxes on working families.
    You know where I stand. Higher taxes are the wrong policy for this 
growing economy. Our families and our country are better off when 
Government lets people keep more of what they earn. And that is why I'll 
work with Congress to keep taxes low, and that is why I will proudly 
sign the Working Families Tax Relief Act of 2004 into law.
    Thank you for listening.

Note: The address was recorded at 2 p.m. on October 1 in Bedford, NH, 
for broadcast at 10:06 a.m. on October 2. The transcript was made 
available by the Office of the Press Secretary on October 1 but was 
embargoed for release until the broadcast. The Office of the Press 
Secretary also released a Spanish language transcript of this address.