The tax foundation has updated their interactive calculator at www.MyTaxBurden.org to include the Democrats’ plan for the expiring Bush-era tax cuts recently scored by the Joint Committee on Taxation.
Now you can compare you 2011 federal income tax liabilities under four policy scenarios:
(1) All the tax cuts expire completely at the end of this year
(2) All the tax cuts are extended into 2011 or made permanent
(3) President Obama’s budget is adopted, which would allow the tax cuts to expire for families making over $250,000 a year (singles making over $200,000), extend some stimulus measures and impose new limitations on itemized deductions
(4) Congressional Democrats’ recent proposal is adopted, which is similar to the Obama plan but does not extend stimulus measures or include additional limits on itemized deductions.
All you have to do is 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 your federal income tax burden would be in 2011.
