Income $500,000
No dependents
Itemized deductions 70,000
Personal exemption 0
Tax using current tax law Tax under Bush proposal
Taxable income $430,000 Taxable income $430,000
Child tax credit 0 Child tax credit 0
Total taxes 142,097 Total taxes 123,460
Tax cut under Bush proposed rate change $18,637
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Percentage tax cut 13.12
Increase in family income 3.73%
© 2001 Deseret News Publishing Company
Source: D. Brock Griffiths, tax specialist with Ernst & Young