Need info on Bush Tax cuts

[TheStickman]

Anyone have a link to the actual tax cut bill Bush signed? I have a lib trying to tell me the bottom rates weren't cut from 15 to 10%. And while I'm at it, wasn't the child tax credit doubled?

Looking forward to your knowledgeable responses.

[So Cal Rocket]

Here's a summary:

http://www.irs.gov/formspubs/article/0,,id=109876,00.html#tax_rates_2003

[The_Victor]

2003 tax tables here http://www.irs.gov/formspubs/article/0,,id=109877,00.html

[Naspino]

This looked pretty good to show difference from 2002 to 2003. http://www.turbotax.com/articles/Understanding2003TaxLaw.html

[TheStickman]

Thanks a bunch. I still wonder...didn't the Bush tax cuts double the child credit?

[Naspino]

The tax bill reduces marginal income tax rates across all levels of income. The 36 percent rate will be lowered to 33 percent, the 31 percent rate to 28 percent, the 28 percent rate to 25 percent. And a new bottom 10 percent rate will be created.

[So Cal Rocket]

The child credit was raised from $600 to $1000

[Naspino]

Marriage Penalty:

The so-called marriage penalty refers to the higher rate of taxation that applies to married couples who file joint tax returns. This penalty will be gradually phased out.

Child Credit:

The $500 per-child tax credit will be gradually doubled to $1,000.

Estate Tax:

The tax currently levied on inheritances more than $675,000 will be gradually reduced and completely repealed in 2010.

Marriage Penalty:

The so-called marriage penalty refers to the higher rate of taxation that applies to married couples who file joint tax returns. This penalty will be gradually phased out.

Retirement Savings:

The current $2,000 per year limit on IRA contributions will be gradually increased to $5,000 and the $10,500 limit on 401 (k) contributions will be raised to $15,000.

College Tuition:

A $5,000 deduction for the cost of college tuition will be phased in.

[DallasMike]

I argued with a friend last week who insisted that the entire tax cuts were the $300 checks. If only more people read Free Republic....

[Naspino]

You shouldn't waste much time though. Just tell your friend that Bush hates children, women, and the poor and his tax cuts only benefited his oil cronies and the 1% of the wealthiest 1% of Americans. Thats what they want to hear -- logic and reason mean nothing.

[The_Victor]

I think the CTC doubled. Some info here on the advance here http://www.irs.gov/newsroom/article/0,,id=118997,00.html

[TheStickman]

Thank you for the info!!!

I needed this info so I can shove some reality down the throat of a liberal at the ACLU forums.

[Liberandos]

Here you go... http://www.msnbc.com/news/916877.asp   MSNBC.com

 fact file 

Will you benefit from the plan?

 
The 2003 tax cut legislation will soon take effect. CCH Inc, a tax and business law consulting firm, estimated the plan's effect on seven hypothetical households. Select a household icon above to see how you might benefit.

 

Single, age 65, $30,000 of 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

 

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

 

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

 

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

 

Married couple -- two children under age 17, $100,000 of 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	$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

 

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

 

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	$62,688	$69,607
Savings under new law	$6,919

[SaveTheChief]

If only more people read Free Republic....

That would do no good, my friend.

People believe what they want to believe. Those on the far left choose to go with their 'feelings' over 'reasoning' or 'logic'. When feelings and emotion get in the way the truth is likely to be unclear.

They feel nothing but hatred for the right. They will not be swayed by little things like truth or fact.

[visualops]

ping for self