Here, let me help you out.Between 2001 and 2003, the Bush administration instituted a federal tax cut for all taxpayers. Among other changes, the lowest income tax rate was lowered from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%.[sup][/sup] In addition, the child tax credit went from $500 to $1000, and the "
marriage penalty" was reduced. Since the cuts were implemented as part of the annual congressional budget resolution, which protected the bill from filibusters, numerous amendments, and more than 20 hours of debate, it had to include a sunset clause. Unless congress passes legislation making the tax cuts permanent, they will expire in 2011.
Now, if you are married with children in the lowest bracket, your taxes will increase 5%..plus 500 dollars per child...plus the marriage penalty will increase. meaning anyone making under 35,000 a year will see their annual income decrease around 2000 dollars. Oh they might get 1/2 back at the end of the year.....but that is still about 100 dollars a month less. Their annual raise will not cover this. That bracket already lives paycheck to paycheck.