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Bush talks up tax cuts, education

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WASHINGTON (CNN) -- President George W. Bush praised the bipartisan efforts that passed his tax bill and urged lawmakers to continue to working together on education reform.

Much of his weekly Saturday radio address heralded the soon-to-be law that will cut taxes.

"Soon Congress will send me a bill reducing federal income taxes by $1.35 trillion over the next 11 years, and I will proudly sign it," Bush said.

Bush indicated his next legislative priority would be improving public schools, and that it is within reach. "So far, the signs are very good," Bush said. "Both parties have been working together, and I hope both parties will vote together as well."

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Addressing the skeptics who believe President Bush's education reforms are too much to hope for, he said, "that's what used to be said about tax relief."

The president touted some of the key provisions of the tax bill, which will provide refunds this summer for 98 million Americans. Single taxpayers will receive a refund of $300, married couples $600, and single-parent taxpayers will receive $500. Bush pointed out the tax bill will double the per-child tax credit to $1,000, reduce the marriage penalty and eliminate the inheritance tax.

Bush said there are other provisions of the law that have not received as much attention, but would nonetheless make a great difference in the lives of many Americans.

The new law will make the child tax credit partially refundable. "Right now many poor families don't qualify for the credit because they don't pay income taxes at all. Soon they will receive a tax credit to help meet the costs of raising their children," the president said.

For higher income families, contribution levels to Individual Retirement Accounts (IRA) and 401(k) plans will rise.

The adoption tax credit will double to $10,000 and become permanent under the law said Bush. "Adoptive parents have a special calling, giving a loving home to children who otherwise would have none."







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