This is why I support making tax relief retroactive, meaning the new lower rates will take effect as of three months ago, on January 1st of this year. And that is why I'm asking Congress to act as soon as possible. A lot of Americans are struggling with debt and some have borrowed against their homes to repay it. These families could certainly use extra money-money that my tax relief plan will offer. Other families will buy some things they need, or save for college or retirement.
Tax relief is good for our economy precisely because it is good for American families.
When millions of families have some extra money to save and spend, it helps kick-start our economic growth. When families are more confident about the economic future, that future gets brighter for us all. Americans know our economy needs some immediate help. For all these reasons I urge the Congress to deliver tax relief now. And I hope you will urge them to do the same.