The Tax Policy Center's calculator lets us compare today's law, that's the 2001-2003 tax cuts still in place, against two alternatives to see how different taxpayers would make out:
- If all the 2001-2003 tax cuts, aka Dubya's tax cuts, expire as scheduled on Jan. 1, 2011, or
- If tax law changes proposed in Obama's 2011 budget are implemented, meaning the 2001-2003 tax cuts expire only for high-income taxpayers.
Like any good source discussing tax what-ifs, TPC emphasizes that its calculator is not tax preparation software; it leaves out lots of details necessary to complete a tax return.
But, says the website, it will give you a general idea of how the federal income tax affects real people.
Have fun crunching your possible tax numbers!
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