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Bushs Tax Reform
Title: Bushs Tax Reform
Category: Law & Government / Government & Politics
Details: Words: 900 | Pages: 3.8 (approximately 235 words/page)
Bushs Tax Reform
President George W. Bush’s
Tax Relief Plan, how much of a gamble is it?
Some of the dynamics of Pres. Bush’s tax relief are as follows: Replacing the current tax rates with a simplified rate structure; Doubling the child tax credit to one thousand dollars per child and applying the credit to the Alternative Minimum Tax (AMT); Reducing the marriage penalty by reinstating the ten percent deduction for two-earner couples; Eliminating the death …showed first 75 words of 900 total…
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…showed last 75 words of 900 total…Tax Relief Plan www.bushtaxreliefplan.com )
Tax Rates by 2001 Taxable Income*
Current Code Bush Plan**
Single Single
[#TEXT2#] ,050 15% [#TEXT2#] ,000 10%
,050 ,550 28% ,000 ,050 15%
,550 6,750 31% ,050 6,750 25%
6,750 7,350 36% 6,750 -- 33%
7,350 -- 39.6%
Head of Household Head of Household
[#TEXT2#] ,250 15% [#TEXT2#] ,000 10%
,250 ,650 28% ,000 ,250 15%
,650 1,650 31% ,250 1,650 25%
1,650 7,350 36% 1,650 -- 33%
7,350 -- 39.6%
Married- Joint Filing Married- Joint Filing
[#TEXT2#] ,200 15% [#TEXT2#] ,000 10%
,200 9,250 28% ,000 ,200 15%
9,250 6,500 31% ,200 6,500 25%
6,500 7,350 36% 6,500 -- 33%
7,350 -- 39.6%
* Taxable income is income less deductions and personal exemptions.**Rate schedule assumes tax plan is fully phased in.
Graph: 1b (source: Executive Summary from the Presidents Tax Relief Plan www.bushtaxreliefplan.com )
*......GO TO WEBSITE TO GET THE RED AND BLUE BAR CHART......
www.bushtaxreliefplan.com )
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