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» 1997 vs. 2016 Federal Income Tax Family Of 5 Earning 70000 Married Filing Jointly:

1997 vs. 2016 Federal Income Tax Family Of 5 Earning 70000 Married Filing Jointly

Posted by on February 27, 2017 at 9:49 am.

1997 Income 70000 -7100 (Standard Deduction)=62900- 13250 (Personal Exemptions)=49650 Total Tax Paid 8553 Dollars

2016 Income 70000 -12600 (Standard deduction)=57400-20250 (Personal Exemptions)=37150 Tax 4649-3000 (Child Tax Credit) Total Tax Paid 1649 Dollars

The 1997 family of 5 paid 6904 dollars more than the 2016 family of 5.

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