Wednesday, August 18, 2010

2011 Income Tax Calculator For Four Legislative Proposals

The Tax Foundation posted an income tax calculator to compute the 2011 federal income tax under four legislative proposals. The tax calculator is available here.

The calculator computes income taxes under the following scenarios:
  1. Congress allows all of the Bush tax cuts to expire;
  2. Congress acts to extend into 2011 all of the Bush tax cuts (the position of most congressional Republicans);
  3. Congress passes the tax laws suggested in President Obama's budget, letting cuts expire for families making over $250,000 a year (and singles making over $200,000), as well as extending some stimulus measures and imposing new limitations on itemized deductions; and
  4. Congress passes the tax laws recently proposed by congressional Democrats, similar to the Obama plan, but without extending stimulus measures and with no additional limitations on itemized deductions.

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