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 Colorado after the first two years of the Clinton Administration:
10 TIMES MORE COLORADO FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 171,838 working families in Colorado will receive a tax cut. This compares to an increase in the income tax rate for only the 17,837 wealthiest taxpayers in Colorado.
TAX CUT FOR 23,578 SMALL BUSINESSES IN COLORADO: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 23,578 small businesses in Colorado are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.
564,000 COLORADO 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 564,008 workers in Colorado, and protects the jobs of 33,882 workers in Colorado who are likely to use unpaid leave this year alone.
314,900 STUDENTS AND FORMER STUDENTS IN COLORADO WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 314,900 Colorado borrowers -- 220,400 current borrowers and 94,500 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.