U.S. President George W. Bush (seated) signs the Tax Relief Extension Reconciliation Act of 2005, H.R. 4297, on the South Lawn of the White House in Washington May 17, 2006. (Xinhua/Reuters)

WASHINGTON, May 17 (Xinhua) -- U.S. President George W. Bush signed on Wednesday a new five-year tax-cut package totaling 70 billion dollars.

    "The bill I sign today is a victory for the American taxpayers and is a strong lift for our economy," Bush said in the signing ceremony.

    "Our pro-growth policies stand in stark contrast to those in Washington who believe you grow your economy by raising taxes and centralizing power," Bush said.

    "They are wrong. Our pro-growth economic polices are working for all Americans."The legislation provides a two-year extension of the reduced 15 percent tax rate for capital gains and dividends, currently set to expire at the end of 2008.

    It also will extend for one year recent changes to the alternative minimum tax -- originally aimed at making sure the wealthy pay at least some taxes -- to prevent it from hitting more upper middle-income families.

    Earlier this month, the U.S. Senate approved the bill with avote of 54-44 and the bill passed the House of Representatives with a vote of 244 to 185. Enditem