Tax Relief Aimed at Recovery
White House Rose Garden
October 5, 2001
2:36 P.M. EDT
Good afternoon. I just concluded a meeting with my economic policy team. Secretary
O'Neill has been up on the Hill talking to members of Congress and brought back
some encouraging news. And that is, the United States Congress is interested
in working as quickly as possible to pass an economic stimulus package.
I want to remind the American people that the Congress has been working with
us to provide relief. We passed monies for disaster relief, monies to help the
people in New York. We passed appropriations to help beef up our security. We
passed appropriations to help airlines. Yesterday, I proposed additional expenditures
to help workers who have been laid off as a result of the September 11th tragedy.
That spending totals about $60 billion.
And in order to stimulate the economy, Congress doesn't need to spend any more
money -- what they need to do is to cut taxes. So I propose this: I propose
that the United States Congress, as quickly as possible, pass tax relief equal
to or a little bit greater than the monies that we have already appropriated.
Tax relief should come in this kind of form. One, that we ought to stimulate
demand by cutting -- accelerating the marginal tax cuts that we've passed and
I've signed. As well as, there ought to be a provision in the tax relief package
to make sure that low- and moderate-income workers get tax relief, as well.
And on the business side, we need to stimulate investment by allowing for enhanced
expensing of capital expenditures, and we believe they ought to eliminate alternative
minimum tax on corporate America.
This is a package which will dovetail nicely with the marginal cuts and the
increased child credit that will kick in next year as well. The American people
expect us to act, and here is a way for us to act. We've spent money, and that
will have a stimulative effect of some kind.
But to make sure that the economy gets the boost it needs, Congress ought to
come together quickly and accept the ideas that I've just laid out. We believe
that will be the best way to make sure that America recovers from the terrorist
attack of September the 11th.
The terrorists attacked us, but they did not diminish our spirit, nor did they
undermine the fundamentals of our economy. And we believe if we act expeditiously,
that those fundamentals will kick back in and people will be able to find work
I hope you all have a fine weekend. Thank you all very much.