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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