Tax Foundation: Easy Calculator to determine how much you'll pay before/after Bush tax cuts expire

Tax Foundation ^ | 07/30/2010

[SeekAndFind]

GO TO THIS SITE :

http://mytaxburden.org/

2011 INCOME TAX CALCULATOR

Fill out the left-hand column and click Calculate to estimate your 2011 income tax under three scenarios:

(1) Congress allows all of the Bush tax cuts to expire;

(2) Congress acts to extend into 2011 all of the Bush tax cuts; and

(3) Congress passes the tax laws suggested in President Obama's budget, letting some tax cuts expire, extending some, and enacting some new tax laws.

[svcw]

Wow. Thats great. We will pay $2800 more if the tax cuts are not extended. Sorry $2000 more because for some reason there is an $800 credit for something called “making work pay” (or something like that).

[MNnice]

“If Congress fails to act to extend the
Bush tax cuts, your income tax burden
will be $3,044 higher in 2011.”

Holy crap.

[nodumbblonde]

Thanks so much! I’m sending that link to everyone. :)

[TribalPrincess2U]

Then multiply it by 3. /s .... maybe

[OldDeckHand]

Interesting, clearly our taxes go up without the Bush tax cuts, but they actually go down a couple grand with the Bush tax cuts extended. What would I do with that extra money? Spend it.

[sauropod]

home

[van_erwin]

If the Bush tax credits expire, I’ll pay an extra $5,052 if nothing is done.

However, if the Obama tax proposals are instituted, I actually pay $200 less than I did under Bush.

Can’t believe I’m saying this, but I hope Obama’s proposals go through.

[dartuser]

Is this libtard site? There is no way I should be paying LESS tax under the third plan.

[dartuser]

Duh ... I need new glasses, Bush tax cuts extended is better.

[panthermom]

Our families goes up $3,463.

[meyer]

Mine go up $2037. Makes me feel all warm and fuzzy knowing that some deadbeat freeloader somewhere in the US gets to benefit that much more from the fruits of my labor.

[SeekAndFind]

Is this libtard site? There is no way I should be paying LESS tax under the third plan.

It's because you don't earn more than $250,000. Obama's plan is a tax the very rich ( upper 2% ) plan.

[NCMom57]

Wow. $4787 more if the tax cuts expire. Had no idea we were so rich.

[SeekAndFind]

Wow. $4787 more if the tax cuts expire. Had no idea we were so rich.

Did you consider what you would get or lose if Obama's Plan ( the third column of the results ) were passed ?

[SeekAndFind]

BTW, here’s a description of the Obama Tax Plan ( not yet brought to the floor in Congress ) :

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Obama’s Budget Proposal

President Obama proposed in his Budget last February that Congress allow some of the Bush tax cuts to expire while extending others into 2011. He introduces a few reforms of his own, including an extension of the making-work-pay credit, which Congress seems ambivalent about extending but which we include. This column shows how much income tax you will owe in 2011 under this scenario. For detailed information visit this page:

http://www.taxfoundation.org/news/show/26118.html

Note: The President’s Budget includes an “AMT patch” for 2011, exempting more taxable income from the alternative minimum tax (AMT). This calculator assumes an AMT patch for all three scenarios.

[CommieCutter]

“Mine go up $2037. Makes me feel all warm and fuzzy knowing that some deadbeat freeloader somewhere in the US gets to benefit that much more from the fruits of my labor.”

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1700 here. We’ve told these liberal idiots for years that they just don’t punish the rich; but the working class as well.

I’m so tired of explaining it to them.