Late last month I reported on the Tax Foundation's online calculator that will let you compare your 2011 federal income tax liabilities under three possible tax collection scenarios.
Not a group to just sit and wait, the Foundation's numbers crunchers have updated the interactive calculator to include the Democrats' plan for the expiring Bush-era tax cuts.
Now at MyTaxBurden.org you can look at your potential IRS bill if:
- All the tax cuts expire completely at the end of this year;
- All the tax cuts are extended into 2011 or made permanent;
- 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; and
- 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.
As I mentioned in my earlier post when the Tax Foundation released its first iteration of the 2011 tax burden calculator, running what-if numbers is a fun exercise.
The reality of tax legislation, however, is that things on Capitol Hill are rarely either-or. The most likely outlook is that some of the expiring tax provisions will be continued and some won't.
Exactly when that might happen, though, also is very much in the air.
So enjoy the hypothetical tax scenarios. Unfortunately, that's all we have to work with right now.Related posts:
- Your 2011 Tax burden
- White House tax reform panel report to be issued on Aug. 27
- 'Uncle' Alan Greenspan's latest on taxes
- Debunking 5 Bush tax cut myths
- Tax cuts or total tax reform?
- Bush tax cuts to get Senate hearing
- Is it time for tax reform?
- 2010's expiring tax cuts likely to be dealt with
by a lameduck Congress
- How to raise $1.9 trillion in taxes
- Today's taxes aren't too bad
- Federal tax law changes (PowerPoint)
- A look back at the decade in taxes