Individual Income Tax Due in 2008, Bush Law versus Clinton Law |
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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 |