How much will the 2003 tax bill save you?
The $350 billion tax cut President Bush signed into law in May 2003 lowers overall tax rates and cuts rates on dividends and long-term capital gains. It offers a bigger tax credit for parents of children under age 17 and provides new breaks for married couples.

New tax bill estimator

Calculate savings from new rates and marriage penalty breaks

Enter adjusted gross income (excluding dividends):


Select filing status:


Standard deduction for your filing status; enter estimate if you itemize:

Standard deductions:
$4,750 - Single $9,500 - Married Filing Jointly
$3,975 - Married Filing Separately $7,000 - Head of Household


Number of personal exemptions (one per individual):

Calculate savings from lower dividend and long-term capital-gains rates

Enter dividend income:


Enter expected long-term capital gains*:

Calculate savings from increased child credit

Number of children under age 17:

More on how the new tax law affects you in The 2003 Tax Bill

* A long-term capital gain is the profit from selling an asset like stocks or mutual funds held for a year or more. Short-term gains are taxed as ordinary income. Include them with adjusted gross income.

This estimator is intended as a guide only. It assumes tax changes for 2003 and 2004 will apply in subsequent years. A number of provisions, however, will expire in 2005 and 2006 unless reauthorized by Congress; nearly all will expire by 2008. The estimator's results are derived from the standard rules of the U.S. tax code. The estimator does not account for requirements that taxpayers reduce the size of itemized deductions and personal exemptions when incomes reach specified levels. The estimator does not produce results calculated under the rules of the Alternative Minimum Tax. When it comes time to do your taxes, consider using a good computer program -- either online or one you load onto your computer -- or hire a tax professional.