Income $28,000
Standard deduction 4,550
Personal exemption 2,900
Charitable contribution 1,500
Tax using current tax law Tax under Bush proposal
Charitable contribution $ 1,500
Taxable income: 20,550 Taxable income 19,050
Total taxes: 3,083 Total taxes 2,558
Tax cut under Bush proposal $525
Change in rates $300
Charitable-contribution deduction 225
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Percentage tax cut 17.03
Increase in family income 1.88%
© 2001 Deseret News Publishing Company
Source: D. Brock Griffiths, tax specialist with Ernst & Young