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 Massachusetts after the first two years of the Clinton Administration:
4 TIMES MORE MASSACHUSETTS FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 184,491 working families in Massachusetts will receive a tax cut. This compares to an increase in the income tax rate for only the 43,496 wealthiest taxpayers in Massachusetts.
TAX CUT FOR 33,048 SMALL BUSINESSES IN MASSACHUSETTS: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 33,048 small businesses in Massachusetts are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.
1,248,000 MASSACHUSETTS 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 1,248,337 workers in Massachusetts, and protects the jobs of 74,993 workers in Massachusetts who are likely to use unpaid leave this year alone.
841,400 STUDENTS AND FORMER STUDENTS IN MASSACHUSETTS WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 841,400 Massachusetts borrowers -- 589,000 current borrowers and 252,400 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.