US President George Bush today signed into law the biggest tax cut in two decades, a sweeping $1.35 trillion bill lowering US income taxes across the board.
The tax reductions, approved by both houses of Congress on May 26th, will give households a refund of up to $600 this year, reduce most income tax rates by three percentage points starting July 1st, 2001, and create a new 10 per cent tax bracket.
"Tax relief is now on the way. Today is a great day for America. It is the first major achievement of a new era, an era of steady cooperation", President Bush told participants in a White House East Room ceremony.