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 Florida after the first two years of the Clinton Administration:
10 TIMES MORE FLORIDA FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 895,441 working families in Florida will receive a tax cut. This compares to an increase in the income tax rate for only the 87,826 wealthiest taxpayers in Florida.
TAX CUT FOR 71,456 SMALL BUSINESSES IN FLORIDA: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 71,456 small businesses in Florida are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.
2,004,000 FLORIDA 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 2,004,330 workers in Florida, and protects the jobs of 120,409 workers in Florida who are likely to use unpaid leave this year alone.
502,100 STUDENTS AND FORMER STUDENTS IN FLORIDA WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 502,100 Florida borrowers -- 351,500 current borrowers and 150,600 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.