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Friday, January 25, 2008

EXAMPLES OF HOW THE ECONOMIC GROWTH PACKAGE WILL BENEFIT


The image “http://tbn0.google.com/images?q=tbn:pCyYnzO4JzkpMM:http://www.observationdeck.org/images/climatechange.jpg” cannot be displayed, because it contains errors. FACT SHEET:
EXAMPLES OF HOW THE ECONOMIC GROWTH PACKAGE WILL BENEFIT AMERICANS
Married with children:
1) Married couple with two children1, earned income of $4,000, no federal income tax paid.

Individual rebate = $600

Child tax credit = $600
TOTAL = $1,200
2) Married couple with two children, earned income in excess of $3,000, AGI = $45,000, federal income tax is $323.

Individual rebate = $600

Child tax credit = $600
TOTAL = $1,200
3) Married couple with two children, AGI = $48,000, federal income tax is $773.

Individual rebate = $773

Child tax credit = $600
TOTAL = $1,373
4) Married couple with two children, AGI = $80,000, federal income tax paid in excess of $1,200.

Individual rebate = $1,200

Child tax credit = $600
TOTAL = $1,800
5) Married couple with two children, AGI = $160,000, federal income tax paid in excess of $1,200.

Individual rebate = $1,200

Child tax credit = $600

Phaseout reduction = ($500) [5% x ($160,000 - $150,000) = $500]
TOTAL = $1,300
1 All children referenced in the examples are qualifying children for purposes of the child tax credit.
Head of household with children:
1) Single parent with two children, earned income of $4,000, no federal income tax paid.

Individual rebate = $300

Child tax credit = $600
TOTAL = $900
2) Single parent with two children, earned income in excess of $3,000, AGI = $38,000, federal income tax is $433.

Individual rebate = $433

Child tax credit = $600
TOTAL =$1,050
3) Single parent with two children, AGI = $60,000, federal income tax paid in excess of $600.

Individual rebate = $600

Child credit = $600
TOTAL =$1,200
4) Single parent with two children, AGI = $90,000, federal income tax paid in excess of $600.

Individual rebate = $600

Child credit = $600

Phaseout reduction = ($750) [5% x ($90,000 - $75,000)]
TOTAL = $450
Married, no children:
1) Married couple with no children, earned income of $4,000, no federal income tax paid.
• Individual rebate = $600
2) Married couple with no children, earned income in excess of $3,000, AGI = $20,000, federal income tax is $930.
• Individual rebate = $930
3) Married couple with no children, AGI = $25,000, federal income tax is $1,430.
• Individual rebate = $1,200
4) Married couple with no children, AGI = $160,000, federal income tax paid in excess of $1,200.

Individual rebate = $1,200

Phaseout reduction = ($500) [5% x ($160,000 - $150,000)]
TOTAL = $700
Single, no children:
1) Individual with earned income of $4,000, no federal income tax paid.

Individual rebate = $300
2) Individual with earned income in excess of $3,000, AGI = $10,000, federal income tax is $125.

Individual rebate = $300
3) Individual with AGI = $16,000, federal income tax is $725.

Individual rebate = $600
4) Individual with AGI = $80,000, federal income tax paid in excess of $600.

Individual rebate = $600

Phaseout reduction = ($250) [5% x ($80,000 - $75,000)]
TOTAL = $350
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