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