|
How The President’s Plan Changes Tax Brackets, Rates
Married Filing Jointly
(& Surviving Spouse)
|
Current Law |
Bush Plan |
|
2003 Taxable Income |
Tax Rate |
2003 Taxable Income |
Tax Rate |
|
$0-$12,000 |
10% |
$0-$14,000 |
10% |
|
$12,000-$47,450 |
15% |
$14,000-$56,800 |
15% |
|
$47,450-$114,650 |
27% |
$56,800-$114,650 |
25% |
|
$114,650-$174,700 |
30% |
$114,650-$174,700 |
28% |
|
$174,700-$311,950 |
35% |
$174,700-$311,950 |
33% |
|
$311,950 + |
38.6% |
$311,950 + |
35% |
Married Filing Separately
|
Current Law |
Bush Plan |
|
2003 Taxable Income |
Tax Rate |
2003 Taxable Income |
Tax Rate |
|
$0-$6,000 |
10% |
$0-$7,000 |
10% |
|
$6,000-$23,725 |
15% |
$7,000-$28,400 |
15% |
|
$23,725-$57,325 |
27% |
$23,725-$57,325 |
25% |
|
$57,325-$87,350 |
30% |
$57,325-$87,350 |
28% |
|
$87,350-155,975 |
35% |
$87,350-155,975 |
33% |
|
$155,975 + |
38.6% |
$155,975 + |
35% |
Single Filers
|
Current Law |
Bush Plan |
|
2003 Taxable Income |
Tax Rate |
2003 Taxable Income |
Tax Rate |
|
$0-$6,000 |
10% |
$0-$7,000 |
10% |
|
$6,000-$28,400 |
15% |
$7,000-$28,400 |
15% |
|
$28,400-$68,800 |
27% |
$28,400-$68,800 |
25% |
|
$68,800-$143,500 |
30% |
$68,800-$143,500 |
28% |
|
$143,500-311,950 |
35% |
$143,500-311,950 |
33% |
|
$311,950 + |
38.6% |
$311,950 + |
35% |
Head of Household
|
Current Law |
Bush Proposal |
|
2003 Taxable Income |
Tax Rate |
2003 Taxable Income |
Tax Rate |
|
$0-$10,000 |
10% |
$0-$10,000 |
10% |
|
$10,000-$38,050 |
15% |
$10,000-$38,050 |
15% |
|
$38,050-$98,250 |
27% |
$38,050-$98,250 |
25% |
|
$98,250-$159,100 |
30% |
$98,250-$159,100 |
28% |
|
$159,100-$311,950 |
35% |
$159,100-$311,950 |
33% |
|
$311,950 + |
38.6% |
$311,950 + |
35% |
Source: CCH INCORPORATED |
