Total income $45,000
Dependents under 17 - 4
Dependents 17 or older - 0
Standard deduction 7,600
Personal exemption 17,400
Charitable contribution 0
Tax using current tax law Tax under Bush proposal
Charitable contribution $ 0
Taxable income $20,000 Taxable income 20,000
Child tax credit 2,000 Child tax credit 4,000
Total taxes 1,000 Total taxes 0
Tax cut under Bush proposal $1,000
Rate change $600
Increased child credit 400
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Percentage tax cut 100
Increase in family income 2.22%
© 2001 Deseret News Publishing Company
Source: D. Brock Griffiths, tax specialist with Ernst & Young