President Clinton's strategy to strengthen the economy is based on reducing the federal budget deficit, lowering trade barriers, and empowering workers, families, businesses and communities to succeed. Here are some of the results for the nation and Alaska after the first two years of the Clinton Administration:
7 TIMES MORE ALASKA FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 20,299 working families in Alaska will receive a tax cut. This compares to an increase in the income tax rate for only the 2,817 wealthiest taxpayers in Alaska.
TAX CUT FOR 4,651 SMALL BUSINESSES IN ALASKA: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 4,651 small businesses in Alaska are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.
66,000 ALASKA WORKERS PROTECTED BY FAMILY AND MEDICAL LEAVE ACT: The Family and Medical Leave Act allows workers to take up to 12 weeks of unpaid leave for the birth of a child, to care for a sick family member, or if they become too sick to work. This law covers about 66,113 workers in Alaska, and protects the jobs of 3,972 workers in Alaska who are likely to use unpaid leave this year alone.
8,800 STUDENTS AND FORMER STUDENTS IN ALASKA WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 8,800 Alaska borrowers -- 6,200 current borrowers and 2,600 new borrowers in the next few years -- can take advantage of the new direct student loan program by participating directly in the program or by consolidating guaranteed loans into direct loans. Some will benefit from lower interest rates, and all will benefit from more repayment options, including income contingent repayment.