The House Committee on Ways and Means amended the Student and Family Tax Simplification Act last Thursday and has issued a comprehensive report on the bill. The bill, or H.R. 3393, was developed by Representatives Diane...
- Comparing Income Taxes under Bill Clinton and George Bush
Comparing Income Taxes under Bill Clinton and George Bush
February 19, 2008
| Individual Income Tax Due in 2008, |
Bush Law versus Clinton Law
|For taxpayers who take the standard deduction and have no children|
|Taxpayer||Tax That Would Have Been Owed under Clinton-Era Tax Law||Tax 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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