Posted 5:44 PM by Steve
Thank you President Bush!!!

With the signing of the 10-year, $330 billion tax cut (search), the third largest in history, the president is on track to fulfill his goal of signing a tax cut every year that he's in office. He signed a $1.3 trillion measure in 2001 and a $96 billion tax cut bill last fall.

Wednesday's tax cut measure will go into effect in July, when payroll checks will get a little bigger, reflecting reduced income tax rates that were not expected to go down until 2004 and 2006. Investor earnings will also increase as a result of a cut in dividend and capital gains tax cuts.

The president recited several examples of the amount of refunds average Americans would receive. He said that in July, 25 million families will begin receiving checks of $400 per child as part of the child tax credit accelerated in the bill.

"Tax relief matters a lot to the average citizen here in America. This tax bill will make it easy for moms and dads to save for their children's education, and that is vitally important for this country," Bush said.

The president's primary objective with the tax cuts is to create jobs, which he hopes will happen when people immediately pump money back into the economy. Saying tax cuts are more important than deficits, the administration is operating under the premise that with more jobs will come more tax revenues for the government.