I have directed Cabinet departments and federal agencies to speed up pro-growth expenditures as quickly as possible.  This should put an extra $10 billion into the economy in the next six months.  And our new transportation bill provides more than $150 billion for construction and maintenance projects that are vital to our growth and well-being.  That means jobs building roads, jobs building bridges and jobs building railways.  And I have this evening directed the secretary of the Treasury to change the federal tax withholding tables.  With this change, millions of Americans from whom the government withholds more than necessary can now choose to have the government withhold less from their paychecks.  Something tells me a number of taxpayers may take us up on this one.  This initiative could return about $25 billion back into the economy over the next 12 months, money people can use to help pay for clothing, college or a new car.  And finally, working with the Federal Reserve, we will continue to support monetary policy that keeps both interest rates and inflation down.

Now these are the things that I can do.  And now, members of Congress, let me tell you what you can do for your country.  You must, you must pass the other elements of my plan to meet our economic needs.  Everyone knows investment speeds recovery.  And I am proposing this evening a change in the alternative minimum tax, and the creation of a new 15% investment tax allowance.  This will encourage businesses to accelerate investment and bring people back to work.  Real estate has led our economy out of almost all the tough times we’ve ever had.  Once building starts, carpenters and plumbers work, people buy homes and take out mortgages.

My plan would modify the passive-loss rule for active real-estate developers.  And it would make it easier for pension plans to purchase real estate.  For those Americans who dream of buying a first home but who can’t quite afford it, my plan would allow first-time home buyers to withdraw savings from IRAs without penalty and provide a $5000 tax credit for the first purchase of that home.

And finally, my immediate plan calls on Congress to give crucial help to people who own a home, to every one who has a business, a farm or a single investment.

This time, at this hour, I cannot take “No” for an answer.  You must cut the capital gains tax on the people of this country.  Never has an issue been so demagogued by its opponents.  But the demagogues are wrong.  They are wrong, and they know it.  Sixty percent of people who benefit from lower capital gains have incomes under $50,000.  A cut in the capital gains tax increases jobs and helps just about everyone in our country.  And so I’m asking you to cut the capital gains tax to a maximum of 15.4%.  And I’ll tell you, I’ll tell you, those of you who say, “Oh no, someone who’s comfortable may benefit from this” you kind of remind me of the old definition of the Puritan, who couldn’t sleep at night worrying that somehow someone somewhere was out having a good time.