Posted on 07/29/2010 10:35:01 PM PDT by Sen Jack S. Fogbound
The Tax Foundation has launched a "Bush tax cuts" calculator at www.MyTaxBurden.org, which allows taxpayers to compare their 2011 federal income tax liabilities under three scenarios: if all the Bush tax cuts expire completely at the end of this year, if they're all extended into 2011 or made permanent, and if President Obama's budget is adopted, which includes a combination of expirations and extensions.
Taxpayers can type in basic information-such as filing status, wage income and number of dependents-along with optional more detailed information-such as capital gains and dividend income, state and local taxes paid and other itemized deductions-and determine what their federal income tax burden would be in 2011.
mine go up by 12k.
???? Doubled
Income Tax if All Bush Tax Cuts Expire:
$16 refund
Income Tax if Bush Tax Cuts are Extended:
$260 refund
Income Tax under Obamas Tax Proposals:
$1199 refund
Problem with calculator is that only under 0bambi’s plan do you get a Making Work Pay and Earned Income credits. Both are currently available with Bush tax cuts. The results are biased towards 0bambi’s plan.
ping
If Congress fails to act to extend the
Bush tax cuts, your income tax burden
will be $4,047 higher in 2011.
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