28 January 2009

Lower and middle-income tax filers will get the biggest breaks under the economic recovery package. Here's what the savings could add up to based on the bills before Congress. All provisions could still change.

Status Income Tax savings
Single, no kids $30K $500
Married, 2 kids $30K $1,390
Single, no kids $50K $500
Married, 2 kids $50K $1,000
Single, no kids $76K $500
Married, 2 kids $76K $1,000
Single, no kids $100K None
Married, 2 kids $100K $2,700*
Single, no kids $500K None
Married, 2 kids $500K None
*Savings under House version $1,000

Thanks Pankaj.

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