EFFECT OF BUSH TAX PLAN ON 2001 TAXABLE INCOMES
Marginal Rate Upper Upper Effective Rate
Lower Upper --------------- Current Bush Percent ---------------
Limit Limit Current Bush Tax Tax Cut Current Bush
------- ------- ------- ------- ------- ------- ------- ---------------
SINGLE
0 6000 15 10 900 600 33.3 15.0 10.0
6000 27050 15 15 4058 3758 7.4 15.0 13.9
27050 65550 28 25 14838 13383 9.8 22.6 20.4
65550 136750 31 25 36910 31183 15.5 27.0 22.8
136750 297350 36 33 94726 84181 11.1 31.9 28.3
297350 ^ 39.6 33 372975 316055 15.3 37.3 31.6
HEAD OF HOUSEHOLD
0 10000 15 10 1500 1000 33.3 15.0 10.0
10000 36250 15 15 5438 4938 9.2 15.0 13.6
36250 93650 28 25 21510 19288 10.3 23.0 20.6
93650 151650 31 25 39490 33788 14.4 26.0 22.3
151650 297350 36 33 91942 81869 11.0 30.9 27.5
297350 ^ 39.6 33 370191 313743 15.2 37.0 31.4
MARRIED-JOINT FILING
0 12000 15 10 1800 1200 33.3 15.0 10.0
12000 45200 15 15 6780 6180 8.8 15.0 13.7
45200 109250 28 25 24714 22193 10.2 22.6 20.3
109250 166500 31 25 42462 36505 14.0 25.5 21.9
166500 297350 36 33 89568 79686 11.0 30.1 26.8
297350 ^ 39.6 33 367817 311560 15.3 36.8 31.2
^ No upper limit. $1,000,000 is assumed for upper tax calculations
(tax calculations are on taxable income equal to the upper limit).
===============================================================================
PERCENT REDUCTION IN INCOME TAXES VIA BUSH TAX PLAN*
SINGLE HEAD OF HOUSEHOLD MARRIED-JOINT FILING
----------------------- ----------------------- -----------------------
Taxable Current Bush Percent Current Bush Percent Current Bush Percent
Income Tax Tax Cut Tax Tax Cut Tax Tax Cut
------- ----------------------- ----------------------- -----------------------
3000 450 300 33.3 450 300 33.3 450 300 33.3
6000 900 600 33.3 900 600 33.3 900 600 33.3
10000 1500 1200 20.0 1500 1000 33.3 1500 1000 33.3
12000 1800 1500 16.7 1800 1300 27.8 1800 1200 33.3
15000 2250 1950 13.3 2250 1750 22.2 2250 1650 26.7
20000 3000 2700 10.0 3000 2500 16.7 3000 2400 20.0
25000 3750 3450 8.0 3750 3250 13.3 3750 3150 16.0
27050 4058 3758 7.4 4058 3558 12.3 4058 3458 14.8
30000 4884 4495 8.0 4500 4000 11.1 4500 3900 13.3
36250 6634 6058 8.7 5438 4938 9.2 5438 4838 11.0
40000 7684 6995 9.0 6488 5875 9.4 6000 5400 10.0
45200 9140 8295 9.2 7944 7175 9.7 6780 6180 8.8
50000 10484 9495 9.4 9288 8375 9.8 8124 7380 9.2
60000 13284 11995 9.7 12088 10875 10.0 10924 9880 9.6
65550 14838 13383 9.8 13642 12263 10.1 12478 11268 9.7
70000 16217 14495 10.6 14888 13375 10.2 13724 12380 9.8
80000 19317 16995 12.0 17688 15875 10.2 16524 14880 9.9
90000 22417 19495 13.0 20488 18375 10.3 19324 17380 10.1
93650 23549 20408 13.3 21510 19288 10.3 20346 18293 10.1
100000 25517 21995 13.8 23478 20875 11.1 22124 19880 10.1
109250 28385 24308 14.4 26346 23188 12.0 24714 22193 10.2
120000 31717 26995 14.9 29678 25875 12.8 28047 24880 11.3
136750 36910 31183 15.5 34871 30063 13.8 33239 29068 12.6
140000 38080 32255 15.3 35878 30875 13.9 34247 29880 12.8
151650 42274 36100 14.6 39490 33788 14.4 37858 32793 13.4
160000 45280 38855 14.2 42496 36543 14.0 40447 34880 13.8
166500 47620 41000 13.9 44836 38688 13.7 42462 36505 14.0
180000 52480 45455 13.4 49696 43143 13.2 47322 40960 13.4
200000 59680 52055 12.8 56896 49743 12.6 54522 47560 12.8
220000 66880 58655 12.3 64096 56343 12.1 61722 54160 12.3
240000 74080 65255 11.9 71296 62943 11.7 68922 60760 11.8
260000 81280 71855 11.6 78496 69543 11.4 76122 67360 11.5
280000 88480 78455 11.3 85696 76143 11.1 83322 73960 11.2
297350 94726 84181 11.1 91942 81869 11.0 89568 79686 11.0
300000 95775 85055 11.2 92991 82743 11.0 90617 80560 11.1
320000 103695 91655 11.6 100911 89343 11.5 98537 87160 11.5
340000 111615 98255 12.0 108831 95943 11.8 106457 93760 11.9
360000 119535 104855 12.3 116751 102543 12.2 114377 100360 12.3
380000 127455 111455 12.6 124671 109143 12.5 122297 106960 12.5
400000 135375 118055 12.8 132591 115743 12.7 130217 113560 12.8
600000 214575 184055 14.2 211791 181743 14.2 209417 179560 14.3
800000 293775 250055 14.9 290991 247743 14.9 288617 245560 14.9
1000000 372975 316055 15.3 370191 313743 15.2 367817 311560 15.3
2000000 768975 646055 16.0 766191 643743 16.0 763817 641560 16.0
* Percent reduction is for rates only. It does not include doubling of child
tax credit, reduction of marriage penalty, or elimination of estate tax.
Note: Taxable income is income less deductions and personal exemptions;
Rate schedule assumes tax plan is fully phased in.
Source: The President's Agenda For Tax Relief (online at
http://www.whitehouse.gov/news/reports/taxplan.html )
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