A few weeks ago RTE pointed out a new tax calculator, prepared by the Tax Foundation, which shows how one’s 2011 tax burden changes based on 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.
Today, the Foundation added a fourth scenario: Congressional Democrats’ recent proposal is adopted. The proposal is similar to the Obama plan but does not extend stimulus measures or include additional limits on itemized deductions.
The outcomes are the same for scenario #2 (tax cuts extended) and #4 (Democrats’ proposal) for everyone making $250,000 and below, according to the Tax Foundation, a non-profit research group that supports broad tax bases with low tax rates. High-income earners would also still see some tax relief under scenario four compared to full expiration because of the lower marginal rates for everyone else.
The updated calculator is here www.MyTaxBurden.org.
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