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Bush Tax Cuts
Everyone got their taxes lowered
These are the Bush tax cuts you will no longer get when they expire in 2010:
- Replacing former tax rates of 15, 28, 31, 36, and 39.6 percent with a simplified rate structure of 10, 15, 25, and 33 percent (see Appendix for rate schedule);
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Doubling the child tax credit to $1,000 per child and applying the credit to the Alternative Minimum Tax (AMT);
- Reducing the marriage penalty by reinstating the 10 percent deduction for two-earner couples;
- Eliminating the death tax
- Expanding the charitable deduction to non-itemizers; and
- Making the Research and Experimentation (R&D) tax credit permanent.
Tax Rates by 2001 Taxable Income*
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