Tax Cuts
Many people say that the Bush Tax Cuts were tax cuts for the RICH, is this true or is it wishful thinking?
I created this spreadsheet using the tax tables from 2001 before the Bush Tax cuts and for tax year 2003, after the tax cuts. Each of the tax tables are for a single person since this is the most highly taxed person.
As I get time, I will update this page and show the differences between 2001 and 2010, in part because the incomes increase for the various tax rates, as an example, in 2003 the top tax rate was for $311,950 and in 2010 the top rate is $373,650.
The math is quite simple OR-NR =TR and then TR/OR= ES
OR = Original Tax Rate - NR= New Tax Rate - TR= Tax Reduction and ES= Effective Savings.
I then sorted the tax cuts based on the amount of the Effective Savings.
I created this spreadsheet using the tax tables from 2001 before the Bush Tax cuts and for tax year 2003, after the tax cuts. Each of the tax tables are for a single person since this is the most highly taxed person.
As I get time, I will update this page and show the differences between 2001 and 2010, in part because the incomes increase for the various tax rates, as an example, in 2003 the top tax rate was for $311,950 and in 2010 the top rate is $373,650.
The math is quite simple OR-NR =TR and then TR/OR= ES
OR = Original Tax Rate - NR= New Tax Rate - TR= Tax Reduction and ES= Effective Savings.
I then sorted the tax cuts based on the amount of the Effective Savings.