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Special CCH Coverage: 2003 Bush Tax Plan

 

Tax Scenarios Under the Bush Growth and Jobs Plan

  

Single individual
Age 65
$30,000 of AGI including $3,000 in dividend income

Bush

Present Law

Savings

% of AGI

Adjusted Gross Income

27,000

30,000

   

Std. Deduction

5,900

5,900

   

Personal Exemptions

3,050

3,050

   

________

________    

Taxable Income

18,050

21,050

 

Tax

2,358

2,858

$500

1.67%

 

 

 

 

 

 

 

 

Head of Household
One child under age 17
$30,000 of income

Bush

Present Law

Savings

% of AGI

Adjusted Gross Income

30,000

30,000

   

Std. Deduction

7,000

7,000

   

Personal Exemptions

6,100

6,100

   
________ ________    

Taxable Income

16,900

16,900

   

Tax

2,035

2,035

   

Child credit

(1,000)

(600)

400

 
________ ________ ________  

Tax after credits

1,035

1,435

400

1.33%

 

 

 

 

 

 

 

 

 

 

 


Married couple
Two children under age 17
$50,000 of income

Bush

Present Law

Savings

% of AGI

Adjusted Gross Income

50,000

50,000

   

Std. Deduction

9,500

7,950

   

Personal Exemptions

12,200

12,200

   
________ ________    

Taxable Income

$28,300

29,850

   

Tax

3,545

3,878

333

 

Child Credit

(2,000)

(1,200)

800

 
________ ________ ________  

Tax after credits

1,545

2,678

1,133

2.27%

 

Single taxpayer
No children
$50,000 of income

Bush

Present Law

Savings

% of AGI

Adjusted Gross Income

50,000

50,000

   

Std. Deduction

4,750

4,750

   

Personal Exemptions

3,050

3,050

   
________ ________    

Taxable Income

$42,200

42,200

   

Tax

7,360

7, 686

$326

0.65%

 

 

 

 

 

 

 

 


Married couple
Two children under age 17
$100,000 of income, $15,000 of itemized deductions

Bush

Present Law

Savings

% of AGI

Adjusted Gross Income

100,000

100,000

   

Itemized Deductions

15,000

15,000

   

Personal Exemptions

12,200

12,200

   
________ ________    

Taxable Income

$72,800

72,800

   

Tax

11,820

13,362

1,542

 

Child Credit

(2,000)

(1,200)

800

 
________ ________ ________  

Tax after credits

9,820

12,162

2,342

2.34%

 

 

 

 

 

 

 

 

 

 

 

 

 

Single individual
100,000 of income including $3,000 of dividend income
$15,000 of itemized deductions

Bush

Present Law

Savings

% of AGI

Adjusted Gross Income

97,000

100,000

   

Itemized Deductions

15,000

15,000

   

Personal Exemptions

3,050

3,050

   
________ ________    

Taxable Income

$78,950

81,950

   

Tax

16,852

18,813

1,961

1.96%


Married couple
Two children under age 17
$300,000 of income including $10,000 of dividend income, and $50,000 of itemized deductions

Bush

Present Law

Savings

% of AGI

Adjusted Gross Income

290,000

300,000

   

Itemized Deductions

45,485

45,185

 

Personal Exemptions

4,148

3,172

 
________ ________    

Taxable Income

240,367

251,643

   

Tax

60,767

69,607

8,840

 

Child Credit

(0)

(0)

0

 
________ ________ ________  

Tax after credits

60,767

69,607

8,840

2.95%

 

 

 

 

 

 

 

 

 

 

 

Source: CCH INCORPORATED, 2003

       


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