February 19, 2008

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
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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A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.