Income $45,000

Dependents under 17 - 4

Standard deduction 6,650

Personal exemption 14,500

Charitable contribution 0

Tax using current tax law Tax under Bush proposal

Taxable income $23,850 Taxable income $23,850

Child tax credit 2,000 Child tax credit 4,000

Total taxes 1,578 Total taxes 0

Tax cut under Bush proposal $1,578

Rate cut - $500

Increased child credit - $1,078

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Percentage tax cut 100

Increase in family income 3.51%


© 2001 Deseret News Publishing Company

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

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