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 Maryland after the first two years of the Clinton Administration:
8 TIMES MORE MARYLAND FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 241,505 working families in Maryland will receive a tax cut. This compares to an increase in the income tax rate for only the 32,161 wealthiest taxpayers in Maryland.
TAX CUT FOR 24,534 SMALL BUSINESSES IN MARYLAND: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 24,534 small businesses in Maryland are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.
785,000 MARYLAND 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 784,951 workers in Maryland, and protects the jobs of 47,155 workers in Maryland who are likely to use unpaid leave this year alone.
296,600 STUDENTS AND FORMER STUDENTS IN MARYLAND WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 296,600 Maryland borrowers -- 207,600 current borrowers and 89,000 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.