Bush Tax Cuts
What do the Bush tax cuts mean to you, and what will happen if Obama let them reverse in 2010 as planned?
2000 Tax Brackets ................................2006 Tax Brackets Difference
Clinton’s last year in office ...................After Bush Tax Cuts:
Taxable Income:.................................... Taxable Income:
Single Taxpayer:..................................... Single Taxpayers:
0 – 25,750.00 15% ............. 0 – 7,550.00...10%.. 33% Savings
27,751. – 62,450. 28%.........7,501. – 30,650. 15%..46% Savings
62,451. – 130,250. 31%.......30,651.- 74,200... 25%.. 19% Savings
130,250.- 283,150. 36%......74,201.- 154,800.. 28%.. 22% Savings
283,150. and over 39.6%....154,800.- 336,550.. 33%. 17% Savings
..........................................336,551 and up........ 35%...11% Savings
Married Taxpayer:................................. Married Taxpayer:
0 – 43,050. 15%................. 0 – 15,100..... 10%.... 33% Savings
43,051.-104,050. 28%.......15,101.- 61,300..15%..46% Savings
104,051.-158,550. 31%...... 61,301.-123,750.. 25%.. 29% Savings
158,551.-283,150. 36%......123,751.-188,450.. 28%.. 22% Savings
283,151.-and over 39.6%...188,451.- 336,550.. 33%.. 17% Savings
..........................................336,550. and up..... 35%.. 13% Savings
How much will it cost you to allow these tax cuts to expire?
Since I am in the 46% savings bracket, I think my little calculator says going in the reverse direction I will be paying 87% more in federal income taxes. That seems fair and reasonable.....NOT!!!!
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