Barack Obama promises to return to the higher tax rates during Clinton adminstration once in office. It is amazing how many people who fall into the categories below think Bush is screwing them and Bill Clinton was the greatest President ever. Barack Obama has already promised that he will repeal the Bush tax cuts, and amazingly, a good portion of the people who fall into the categories below can’t wait for it to happen.
The following table is provided by data from the Tax Foundation website:
| Individual Income Tax Due in 2008, Bush Law versus Clinton Law | ||
| For taxpayers who take the standard deduction and have no children | ||
| Taxpayer | Tax That Would Have Been Owed under Clinton-Era Tax Law | Tax Owed under Current Law, with Bush Tax Cuts |
| Single, income of 30,000 | $3,157.50 | $2,756.25 |
| Single, income of 50,000 | $7,262.50 | $6,606.25 |
| Married, income of $50,000 | $5,085.00 | $4,012.50 |
| Married, income of $60,000 | $6,585.00 | $5,512.50 |
| Single, income of $75,000 | $14,262.50 | $12,856.25 |
| Married, income of $75,000 | $9,426.50 | $7,762.50 |
| Single, income of $125,000* | $29,378.50 | $26,472.25 |
| Married, income of $125,000* | $23,426.50 | $19,462.50 |
| *This chart does not take into account the Alternative Minimum Tax | ||
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