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 Tennessee after the first two years of the Clinton Administration:
19 TIMES MORE TENNESSEE FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 384,057 working families in Tennessee will receive a tax cut. This compares to an increase in the income tax rate for only the 20,469 wealthiest taxpayers in Tennessee.
TAX CUT FOR 25,586 SMALL BUSINESSES IN TENNESSEE: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 25,586 small businesses in Tennessee are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.
898,000 TENNESSEE 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 897,527 workers in Tennessee, and protects the jobs of 53,918 workers in Tennessee who are likely to use unpaid leave this year alone.
285,700 STUDENTS AND FORMER STUDENTS IN TENNESSEE WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 285,700 Tennessee borrowers -- 200,000 current borrowers and 85,700 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.