Married filing jointly, one income of $165,000, two dependents under 17, two dependents 17 or older, itemized deductions

Total income $165,000

Dependents under 17 - 2

Dependents 17 or older - 2

Itemized deductions 26,200

Personal exemption 17,400

Tax using current tax law Tax under Bush proposal

Taxable income $121,400 Taxable income $121,400

Child tax credit 400* Child tax credit 2,000

Total taxes 28,081 Total taxes 23,230

*Phased out by $600

Tax cut under Bush proposal $4,851

Increase in child credit $1000

Change child-credit phase out 600

Change in rate schedule 3251

Percentage tax cut 17.28

Increase in family income 2.94%

© 2001 Deseret News Publishing Company

Source: D. Brock Griffiths, tax specialist with Ernst & Young