revisited
Cycloptichorn wrote:How much has the average American family benefitted from Bush's tax cut plans?
I don't know! A large number of Americans paid zero taxes in 2001. So the average tax saving for them in 2006 will be zero.
How much have some
low income American families benefited from Bush's tax cut plans?
MARRIED FILING JOINTLY
Tax on Taxable Income for 2001 Tax Year
$........0 to 45,200 x 15.0% = Tax
..45,201 to 109,250 x 27.5% = Tax
.109,251 to 166,500 x 30.5% = Tax
Tax on Taxable Income for 2006 Tax Year
$........0 to 15,100 x 10% = Tax
..15,101 to 61,300 x 15% = Tax
..61,301 to 123,700 x 25% = Tax
2006 TAX REDUCTIONS FOR TAXABLE INCOMES EXCLUDING CAPITAL GAINS
2001: for $15,000 the tax = $2,250.00
= (15,000 x 0.15)
2006: for $15,000 the tax =
..1,500.00
= (15,000 x 0.10)
2006 Tax Reduction = ............ $750.00
2001: for $30,000 the tax = $4,500.00
= (30,000 x 0.15)
2006: for $30,000 the tax =
..3,745.00
= (15,100 x 0.10) + ((30,000 - 15,100) x 0.15)
2006 Tax Reduction = ............ $755.00
2001: for $60,000 the tax = $10,850.00
= (45,200 x .15) + ((60,000 - 45,200) x 0.275)
2006: for $60,000 the tax =
....8,245.00
= (15,100 x 0.10) + ((60,000 - 15,100) x 0.15)
2006 Tax Reduction = ........... $2,605.00
2001: for $120,000 the tax = $27,672.50
= (45,200 x 0.15) + ((109,250 - 45,200) x 0.275) + ((120,000 - 109,250) x 0.305)
2006: for $120,000 the tax =
..23,115.00
= (15,100 x 0.10) + ((61,300 - 15,100) x 0.15) + ((120,000 - 61,300) x 0.25)
2006 Tax Reduction = ............. $4,557.50