Over at the Tax Policy Center, we just unveiled a nifty new tool for understanding how the ongoing tax debate might affect real households. The Tax Calculator allows taxpayers, analysts, and the media to analyze how much an individual or family would pay in taxes under three scenarios:
- 2010 law, in which the 2001-2003 tax cuts are all in effect;
- The law scheduled to take effect in 2011, in which essentially all of the 2001-2003 tax cuts have expired; and
- The proposals that would take effect in 2011 under President Obama’s Budget. The budget includes numerous features, of which the most prominent is that the tax cuts would continue for incomes up to $200,000 (individual) or $250,000 (joint), but almost all of the tax cuts at higher income levels would expire.
Users can create their own taxpayer profiles or can select from any of six sample households.
If you are interested, please try it out.
Quick, easy and fun. Obama’s proposal and current law are a push. Good news for a retiree on a fixed income.
Not so good without extension of the favorable rates on capital.
And this doesnt include the midacare tax on capital gains, dividends, sale of your home that is also now ‘law’ kicking in a few years from now. I think the proverbial chumps at the poker table (“If you are playing poker and dont know who the chump is, it is you”), are the working middle class, and the upper middle class.
That the poll numbers are so startling, says to me, those making 75k to 250k have just realized who the chump at the table is, and against my nature, I think the polls are UNDERSTATING how bibilically catastrophic this election is going to be for the establishment left.
Well, I’m some ways below the magical $250k threshold, but Obama’s proposal raises my taxes by about 2%. So much for not raising my taxes because I’m not ‘rich’.
I like your article about TPC’s New Tax Calculator really i like very much. But i want tax refund calculator.
Yes you are absolutely right but if you have any confusion about tax calculation then there are so many sites are available for help you to calculate easily your state taxes and federal taxes.