President Bush says his tax cuts are helping America's economy recover from recession. He wants Congress to make those cuts permanent.
As Americans face a Monday deadline for paying their income taxes, President Bush says more people will be keeping more of their money because he has cut federal taxes by more than $1 trillion over the next 10 years.
"Tax relief helps the working people of our country with more money to provide for their families and pay their bills," he said. "And perhaps the best news of all is that even more relief is on the way for many years to come."
There will be a new, low 10 percent tax bracket this year which Mr. Bush says will make it easier for low income workers to take their first steps up the ladder of opportunity. The reforms also allow people to save more money tax-free by putting those funds in an retirement account or a fund to pay for college tuition.
The amount of money parents can deduct for their children increase to $1,000 by 2010 with further reductions in the marriage tax.
When all of these cuts are fully effective, President Bush says 43 million married couples will see their taxes reduced an average of more than $1,700 a year. Nearly four million low-income Americans will not have to pay taxes at all.
"Tax relief is a crucial part of my administration's overall economic growth agenda, to create more high-paying jobs," said Mr. Bush. "Like our balanced energy plan and our determination to knock down trade barriers, tax relief will help you achieve the economic security you need to realize your dreams."
With American taxpayers already benefiting from $57 billion worth of tax relief, Mr. Bush called on Congress to make these tax cuts permanent.
The president and Mrs. Bush released their returns showing more than $250,000 in taxes on an income of more than $800,000. The president's salary is $400,000. They also made more than $400,000 on investments.
Mr. Bush reported a $91,000 loss related to the sale of his share of a professional baseball team. They paid $18,000 in property taxes on their Texas ranch and contributed more than $80,000 to a Methodist church, a university and several charities including those set-up to help victims of the September 11 terrorist attacks.