The 2003 Tax Cut: Proposals and Issues Page: 30 of 36
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CRS-27
Prior Law President's Proposal House Senate Finance P.L. 108-27
Married CouplesPhased in an increase in the
standard deduction for couples to
twice that of singles: 167% of
singles bracket in 2003 and 2004,
174% in 2005, 184% in 2006,
187% in 2007, and 190% in 2008
and 200% in 2009 and 2010.
Phased in over 2005-2008 a
broadening of the 15% rate bracket
for couples to twice that of singles.
From 2008 through 2010, the rate
for married couples filing jointly
was 200% of singles.Would have accelerated, to 2003,
the increase in the standard
deduction for couples to twice that
of singles.
Would have accelerated, to 2003,
the broadening of the 15% rate
bracket for couples to twice that of
singles.
Estimated revenue loss: $30.9
billion in FY2003 and FY2004;
$55.4 billion over 11 years.The proposal would have
accelerated, to 2003, the increase in
the standard deduction for couples
to twice that of singles.
Would have accelerated, to 2003,
the broadening of the 15% rate
bracket for couples to twice that of
singles.
The provision would have been
applicable to tax years 2003, 2004,
and 2005. Beyond 2005, the
standard deduction amounts and the
size of the 15% rate bracket would
have reverted to the schedule under
EGTRRA.
Estimated revenue loss: $29.8
billion in FY2003 and FY2004;
$43.4 billion over 11 years.Would have accelerated, to 2003,
the increase in the standard
deduction for couples to twice that
of singles.
Would have accelerated, to 2003,
the broadening of the 15% rate
bracket for couples to twice that of
singles.
The reduced rates would have
expired after 2010, as scheduled
under EGTRRA.
Estimated revenue loss: $29.8
billion in FY2003 and FY2004;
$51.4 billion over 11 years.
[The Senate adopted an amendment
to accelerate the increase in the
standard deduction and broadening
of the tax rate bracket for couples to
195% of singles in 2003 and 200%
in 2004. Beyond 2004, the Senate
version would have reverted to the
phase-in under prior law.]Accelerated the increase in the
standard deduction for couples to
twice that of singles for 2003 and
2004.
Accelerated the broadening of the
15% rate bracket for couples to
twice that of singles for 2003 and
2004.
For 2005 and thereafter, the
deduction and bracket width will
revert to prior law and will expire
after 2010, as previously scheduled
under EGTRRA.
Estimated revenue loss: $29.8
billion in FY2003 and FY2004;
$35.1 billion over 11 years.
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Brumbaugh, David L. & Richards, Don C. The 2003 Tax Cut: Proposals and Issues, report, July 16, 2004; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc855800/m1/30/: accessed July 17, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.