Congress is in a fierce debate over whether — or how — to extend the Bush administration tax cuts. How does that affect you? The Tax Foundation has come up with a new tax calculator that allows people to figure out their 2011 tax burden under three scenarios:
(1) Congress allows all of the Bush tax cuts to expire.
(2) Congress extends into 2011 all of the Bush tax cuts.
(3) Congress passes the tax laws proposed in President Obama’s budget, letting some tax cuts expire, extending some, and enacting some new tax laws.
Be prepared before you use the calculator as it is is fairly complicated, with 19 inputs from income to the number of dependents and dividend income.
So head on over to http://www.mytaxburden.org/ and figure out what it means for you
I checked it out and my family will be paying $5,000 more if they expire and $4000 more under Obama's plan.
Boooo.....
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