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1 John S. Barry, The Effect on a Typical Family of Four of Accelerating Scheduled Tax Cuts and Making Temporary Tax Relief Permanent 1 (2003)

handle is hein.taxfoundation/srbbjxz0001 and id is 1 raw text is: February 2003 No. 119 One of the major provisions of President George W Bush's most recent tax relief proposal is acceleration of key tax cuts currently sched- uled to become active over the next eight years. The President has also asked that the 108th Congress make permanent all the provisions passed as part of the Economic Growth and Tax Reform Reconciliation Act of 2001 (EGTRRA). Both measures would have a large impact on nearly every taxpayer in the nation but especially on families. In fact, a typical family of four would receive tax relief of $1,133, a tax cut of 22 percent, in 2003 if Congress and the President were to make the major provisions of the 2001 tax cut effective as of January 1, 2003. On the other hand, if lawmakers do not make the 2001 Act permanent, this same family will see their income tax bill increase by $2,222, or 42 percent, between 2010 and 2011. Figure 1 shows the projected, annual tax liability of a typical family of four under current law and Figure 1 Individual Income Taxes Due from a Typical Family of Four Earning the Median Income under Current Law and under President Bush's Acceleration Proposal, 2003 - 2011 Current Law Accelerated and Permanent Tax Cut 2004 2005 2006 2007 Calendar Year 2008 2009 2010 2011 $ 8,000 $ 7,000 $ 6,000 $ 5,000 $ 4,000 $ 3,000 $ 2,000 $1,000 cI, x F- E 0 0 U-- 0 F- $0 2003 ; ; ; ; immim imm; ; ; ; ; = EMENIENIMIN

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