How the 2001 and 2003 Tax Cuts Affect Hypothetical Families

Research Report

How the 2001 and 2003 Tax Cuts Affect Hypothetical Families

Abstract

How do the 2001 and 2003 tax cuts affect families and tax return filers? What are the tax consequences of having children or being middle-income? The following discussion addresses these questions for an array of families with varying income, number of children, and marital status, for tax year 2003. The table shows the combined amount of tax cut each hypothetical household received from the 2001 and 2003 tax cuts at different levels of adjusted gross income (AGI).

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