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
Since I fall into one of these categories, I say keep them. This is just 1 more reason I support John McCain. He may have been against the cuts at first, but at least he is man enough to admit he was wrong back then and supports keeping them now that he sees their effect. The dems can deride him for it, but I think they are the ones that are wrong. They really are supporting a massive TAX INCREASE by trying to end them.
For the rest of the article and a better explanation of how these numbers were derived, follow this link.