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 New York after the first two years of the Clinton Administration:
6 TIMES MORE NEW YORK FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 890,568 working families in New York will receive a tax cut. This compares to an increase in the income tax rate for only the 148,562 wealthiest taxpayers in New York.
TAX CUT FOR 80,373 SMALL BUSINESSES IN NEW YORK: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 80,373 small businesses in New York are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.
3,141,000 NEW YORK 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 3,140,640 workers in New York, and protects the jobs of 188,672 workers in New York who are likely to use unpaid leave this year alone.
2 MILLION STUDENTS AND FORMER STUDENTS IN NEW YORK WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 2 million New York borrowers -- 1.4 million current borrowers and 600,000 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.