WASHINGTON – Now and for years to come, every American who pays income taxes will benefit from the $1.35 trillion tax cut bill that reflects the major goals President Bush outlined during his campaign for the White House.
Most visible are around 96 million tax refund checks of between $300 and $600 to be mailed to taxpayers beginning July 20. But much of the tax bill's relief occurs slowly over the next decade, including across-the-board reductions in income tax rates that will mean more take-home pay for all taxpayers.
"You are going to get a check and then you are going to get, in every paycheck, a reduced bite," said Rep. Bill Thomas, R-Calif., chairman of the tax-writing House Ways and Means Committee.
Bush was scheduled to sign the bill into law Thursday morning at the White House, joined by a bipartisan group from the House and Senate. Passage of the legislation May 26 marked the biggest legislative victory in Bush's young presidency and follows years of Republican frustration as former President Clinton blocked or vetoed previous tax cuts.
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