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 Virginia after the first two years of the Clinton Administration:
10 TIMES MORE VIRGINIA FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 332,266 working families in Virginia will receive a tax cut. This compares to an increase in the income tax rate for only the 31,689 wealthiest taxpayers in Virginia.
TAX CUT FOR 29,899 SMALL BUSINESSES IN VIRGINIA: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 29,899 small businesses in Virginia are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.
1,050,000 VIRGINIA 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 1,050,150 workers in Virginia, and protects the jobs of 63,087 workers in Virginia who are likely to use unpaid leave this year alone.
600,800 STUDENTS AND FORMER STUDENTS IN VIRGINIA WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 600,800 Virginia borrowers -- 420,600 current borrowers and 180,200 new borrowers in the next two 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.