[Weekly Compilation of Presidential Documents Volume 42, Number 44 (Monday, November 6, 2006)]
[Pages 1907-1908]
[Online from the Government Publishing Office, www.gpo.gov]

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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.
    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

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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.