:boggle: Incredulous again.
Here's the Bush tax cuts:
http://en.wikipedia.org/wiki/Bush_tax_cuts
Synopsis:
The cuts came through two separate acts, passed in 2001 and 2003. The second act merely acclerated the phase-in of the cuts. The cuts (single earners):
a new 10% bracket was created for single filers with taxable income up to $6,000, joint filers up to $12,000, and heads of households up to $10,000.
the 15% bracket's lower threshold was indexed to the new 10% bracket
the 28% bracket would be lowered to 25% by 2006.
the 31% bracket would be lowered to 28% by 2006
the 36% bracket would be lowered to 33% by 2006
the 39.6% bracket would be lowered to 35% by 2006
So for example, if a person made $30,000 per year AGI, most taxes were in the second bracket, but the marginal rate was in the third. The overall changes were:
On the first $6,000, a reduction of 5%.
On the next $22,000, no change
On the next $2,000, a reduction of 3%.
Savings: $360 per year
In addition, the deductions for joint filing and the per child tax credit were increased.
In addition -- for mathwonk -- since the vast majority of people pay far less than a 14% effective tax rate, making everyone pay what Romney paid (about 14%) would vastly
increase taxes for most people.