Bush Signs $350 Billion Tax Bill

By: Associated Press
By: Associated Press

President Bush signed a bill on Wednesday that offers $330 billion in tax breaks to families, businesses and investors and $20 billion in state aid, a package less than half the size of the one he initially sought.

The 10-year legislation, which Bush signed with considerable fanfare at a White House ceremony, will within weeks start speeding refunds to parents and fattening paychecks and investor earnings.

The Internal Revenue Service is posting new withholding tax tables so employers can start leaving more money in workers' paychecks starting next month; child tax credits checks of up to $400 per child will begin arriving in the mailboxes of 25 million eligible families in July, the president noted.














































































































































































































































































































































Will you benefit from the plan?

Click the scenario that best describes you



















Single, age 65, $30,000 AGI including
$3,000 in dividend income
Head of Household - one child under
age 17, $30,000, of income
Married couple - two children under
age 17, $50,000 of income
Single individual, no children,
$100,000 of income including $3,000 of dividend income, $15,000 of
itemized deductions
Single taxpayer - no children, $50,000
of income
Married couple - two children under
age 17, $100,000 of income, $15,000 itemized deductions
Married couple - two children under
age 17, $300,000 of income including $10,000 of dividend income, and
$50,000 of itemized deductions
 



Single, age 65, $30,000 AGI including $3,000 in dividend income


--------------------------------------------------------

  New Law Present Law
Adjusted Gross Income $30,000 $30,000
Std. Deduction $5,900 $5,900
Personal Exemptions $3,050 $3,050
Taxable Income $21,050 $21,050
Tax $2,508 $2,858
Savings under new law $350  

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Head of Household - one child under age 17, $30,000, of income


--------------------------------------------------------
  New Law Present Law
Adjusted Gross Income $30,000 $30,000
Std. Deduction $7,000 $7,000
Personal Exemptions $6,100 $6,100
Taxable Income $16,900 $16,900
Tax $2,035 $2,035
Child credit -$1,000 -$600
Tax after credits $1,035 $1,435
Savings under new law $400  

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Married couple - two children under age 17, $50,000 of income


--------------------------------------------------------
  New Law Present Law
Adjusted Gross Income $50,000 $50,000
Std. Deduction $9,500 $7,950
Personal Exemptions $12,200 $12,200
Taxable Income $28,300 $29,850
Tax $3,545 $3,878
Child credit -$2,000 -$1,200
Tax after credits $1,545 $2,678
Savings under new law $1,133  

Top


Single taxpayer - no children, $50,000 of income


--------------------------------------------------------
  New Law Present Law
Adjusted Gross Income $50,000 $50,000
Std. Deduction $4,750 $4,750
Personal Exemptions $3,050 $3,050
Taxable Income $42,200 $42,200
Tax $7,360 $7,686
Savings under new law $326  

Top


Married couple - two children under age 17, $100,000 of income, $15,000
itemized deductions


--------------------------------------------------------
  New Law Present Law
Adjusted Gross Income $100,000 $100,000
Itemized Deduction $15,000 $15,000
Personal Exemptions $12,200 $12,200
Taxable Income $72,800 $72,800
Tax $11,820 $13,362
Child credit -$2,000 -$1,200
Tax after credits $9,820 $12,162
Savings under new law $2,342  

Top


Single individual, no children, $100,000 of income including $3,000 of
dividend income, $15,000 of itemized deductions


--------------------------------------------------------
  New Law Present Law
Adjusted Gross Income $100,000 $100,000
Itemized Deduction $15,000 $15,000
Personal Exemptions $3,050 $3,050
Taxable Income $81,950 $81,950
Tax $17,302 $18,813
Savings under new law $1,511  

Top


Married couple - two children under age 17, $300,000 of income including
$10,000 of dividend income, and $50,000 of itemized deductions


--------------------------------------------------------
  New Law Present Law
Adjusted Gross Income $300,000 $300,000
Itemized Deduction $45,185 $45,185
Personal Exemptions $3,172 $3,172
Taxable Income $251,643 $251,643
Tax $62.688 $69.607
Child credit $0 $0
Tax after credits $601,767 $69,607
Savings under new law $6919  

Top


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