|
Effects of GOP Marriage Penalty Relief Bill |
|
Income Group |
Number of tax units (000) |
Income Range |
Average Income for all in group |
Avg. Cut for Married Couples in group |
% of Cut in Income Group |
|
Lowest 20% |
Number of tax units (000) |
Less than $13,600 |
$ 8,600 |
$ 21 |
0.3% |
|
Second 20% |
|
$13,600–24,400 |
18,800 |
154 |
4.0% |
|
Middle 20% |
|
$24,400–39,300 |
31,100 |
182 |
7.3% |
|
Fourth 20% |
|
$39,300–64,900 |
50,700 |
171 |
10.7% |
|
Next 15% |
|
$64,900–130,000 |
86,800 |
901 |
56.8% |
|
Next 4% |
|
$130,000–319,000 |
183,000 |
960 |
17.0% |
|
Top 1% |
|
$319,000 or more |
915,000 |
910 |
4.0% |
|
ALL |
|
|
$ 50,800 |
$ 439 |
100.0% |
|
ADDENDUM |
|
|
|
|
|
|
Bottom 80% |
|
Less than $64,900 |
$ 27,291 |
$ 157 |
22% |
|
Top 20% |
|
More than $64,900 |
$ 147,270 |
$ 914 |
78% |
|
Figures show the effects of the bill fully phased in at 1999 income levels. |
Source: Institute on Taxation and Economic Policy Tax Model, July 21, 2000.