I'm tired of the spin on both sides so I ran the #'s on income tax.
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Married filing jointly |
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| Personal exemption married $5,600 | Personal exemption married $7,000 |
+$1,400 |
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| Taxable Income | Tax Amount in 2000, Last year under Clinton | Tax Amount in 2008, Last year under Bush | *Reduction |
|
$15,000 |
$2,250 |
$1,500 |
33% |
|
$20,000 |
$3,000 |
$2,198 |
27% |
|
$25,000 |
$3,750 |
$2,948 |
21% |
|
$30,000 |
$4,500 |
$3,698 |
18% |
|
$40,000 |
$6,000 |
$5,198 |
13% |
|
$50,000 |
$8,300 |
$6,698 |
19% |
|
$60,000 |
$11,100 |
$8,198 |
26% |
|
$80,000 |
$16,700 |
$12,688 |
24% |
|
$100,000 |
$22,300 |
$17,688 |
21% |
|
$150,000 |
$37,621 |
$30,744 |
18% |
|
$500,000 |
$170,688 |
$146,575 |
14% |
|
$10,000,000 |
$3,932,668 |
$3,471,575 |
12% |
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To me it looks like the big winners are everyone making below $150k except for those making $40k.
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What if filing jointly and you have 2 kids under 18? |
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| 2000 Gross income $34,000. | 2008 Gross income: $34,000 | |||
| Deductions: 4x$2,800= $11,200 | Deductions 4x$3,500=$14,000 | |||
| Adjusted gross income $22,800 | Adjusted gross income: $20,000 | |||
| Tax: $3,420 | Tax: $2,198 |
35% |
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*Reduction % would be slightly higher if you factor in the savings due to the increased personal and child deduction |
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