Sunday, May 18, 2008

Still think you didn't benefit from the Bush tax cuts?

According to the Tax Foundation, here is the savings of middle-class taxpayers under the Bush tax cuts compared to the Clinton years - the tax code Democrats want to return to.

Comparing Income Taxes under Bill Clinton and George Bush

Individual Income Tax Due in 2008,
Bush Law versus
Clinton Law
For taxpayers who take the standard deduction and have no children
TaxpayerTax That Would Have Been Owed under Clinton-Era Tax LawTax Owed under Current Law, with Bush Tax Cuts
Single, income of 30,000$3,157.50 $2,756.25
Single, income of 50,000$7,262.50 $6,606.25
Married, income of $50,000$5,085.00 $4,012.50
Married, income of $60,000$6,585.00 $5,512.50
Single, income of $75,000$14,262.50 $12,856.25
Married, income of $75,000$9,426.50 $7,762.50
Single, income of $125,000*$29,378.50 $26,472.25
Married, income of $125,000*$23,426.50 $19,462.50
*This chart does not take into account the Alternative Minimum Tax

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