Friday, February 09, 2001

The Bush tax cut: What's it mean to me?




From USAToday

The size of your tax cut under Bush’s plan depends on your income, your family size and your marital status. We’ve calculated how much sample households would save the first year and the fifth year of the plan.

     How much less you would owe:
Taxpayer
Annual gross income
What you owe in 2001
First year
Fifth year (% savings)
Single parent with 2 children $21,000
$2,342 credit
$0
$0
Single with no children $46,000
$7,278
$129
$645 (9%)
Single with no children $62,000
$8,692
$160
$797 (9%)
Single parent with 1 child $68,000
$7,444
$254
$1,269 (17%)
Single with no children $140,000
$28,463
$818
$4,092 (14%)
Single with no children $250,000
$62,688
$1,576
$7,876 (13%)
Couples    
   
  
   
Married couple, 3 children, 1 in college $32,000 Single-earning spouse
$460
$299
$4,862 (n/a)
Married couple with no children $38,000 One spouse earns $30,000 the other (part time) $8,000
$3,690
$144
$720(20%)
Married couple with 2 children $70,000 One spouse earns $40,000 the other $30,000
$5,135
$410
$2,050 (40%)
Married couple with no children $76,000 One spouse earns $60,000 the other $16,000
$9,311
$174
$871 (9%)
Married couple with no children $106,000 One spouse earns $52,000, the other $54,000
$16,244
$487
$2,364 (15%)
Married couple with 4 children, 2 in college $112,000 One spouse earns $70,000 the other $42,000
$13,440
$746
2642 (20%)
Married couple, with no children $117,000 One spouse earns $75,000, the other $42,000
$18,708
$540
$2,628 (14%)
Married couple with 5 children $120,000 single-earning spouse
$13,320
$1,084
$3,0844 (23%)
Married couple with 1 child $216,000 One spouse earns $86,000, the other $130,000
$44,498
$1,459
$7,2395 (16%)
Married couple with 1 child 3 children $280,000 One spouse earns $200,000, the other $80,000
$145,274 $20,186 (14%)
$4,070
$20,186 (14%)
Married couple with no dependent children $950,000 One spouse earns $800,000 the other $150,000 a year Capital gains worth $80,000
$301,260
$8,736
$4,3517 (14%)


Here's how taxpayers would save
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