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 Maine after the first two years of the Clinton Administration:
16 TIMES MORE MAINE FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 60,818 working families in Maine will receive a tax cut. This compares to an increase in the income tax rate for only the 3,767 wealthiest taxpayers in Maine.
TAX CUT FOR 8,035 SMALL BUSINESSES IN MAINE: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 8,035 small businesses in Maine are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.
168,000 MAINE 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 168,175 workers in Maine, and protects the jobs of 10,103 workers in Maine who are likely to use unpaid leave this year alone.
129,500 STUDENTS AND FORMER STUDENTS IN MAINE WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 129,500 Maine borrowers -- 90,700 current borrowers and 38,800 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.