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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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