Clear Fog Blog

Political musings from Warren E. Peterson

Taxes Under Bush and Clinton

Posted by Warren Peterson on April 21, 2008

 

Individual Income Taxes Under Presidents Clinton and Bush, 1999 Law and 2008 Law
For taxpayers who take the standard deduction and have no children
Taxpayer Tax under Clinton, 1999 tax law Tax under Bush, 2008 tax law
Single, income of 30,000 $3,157.50 $2,756.25
Single, income of 50,000 $7,262.50 $6,606.25
Married, income of $50,000 $5,085.00 $4,012.50
Married, income of $60,000 $6,585.00 $5,512.50
Single, income of $75,000 $14,262.50 $12,856.25
Married, income of $75,000 $9,426.50 $7,762.50
Single, income of $125,000* $29,378.50 $26,472.25
Married, income of $125,000* $23,426.50 $19,462.50
*This chart does not take into account the Alternative Minimum Tax

Source: http://www.taxfoundation.org/blog/show/22958.html

The Bush tax cuts expire in 2010 so unless Congress changes hands between now and then or public pressure is so intense that even the Democrats have to take notice, get your check books out. Even a Republican President can’t stop the sunset, it’s automatic. Of course, Clinton and Obama at the recent debate promised not to raise taxes on those making less than $200 to $250 thousand a year then said they plan to raise the capital gains tax. Sell now.

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