Calculate Your Tax Cut Online
September 10, 2010
The Bush tax cuts are set to expire at the end of 2010, and while President Obama wants to extend those cuts for all but the very rich, some lawmakers want to extend them for everyone. A new Gallup poll released today shows the majority of Americans are in favor of letting the Bush tax cuts for the wealthy expire as scheduled.
How would these proposals affect you? Our friends at Citizens for Tax Justice have built a tool that lets you calculate the income tax cut you would receive under different scenarios.
Use CTJ's new online tax calculator to find out how much you would pay in federal income taxes in 2011 under three different scenarios:
- Congress does nothing and the Bush tax cuts are allowed to completely expire;
- Congress enacts Obama's proposal to extend some of the Bush tax cuts and some additional tax cuts (the Making Work Pay Credit and expansions of the Child Tax Credit and EITC that were included in the Recovery Act);
- Congress extends all of the Bush tax cuts but none of the tax cuts included in the Recovery Act.
Unless you are among the richest 2 percent of taxpayers, you'll find that President Obama's tax proposal would benefit you as much as, or more than, an extension of all the Bush tax cuts.
Unlike other online tax calculators you may have seen, this one also tells you how much of the proposed tax cuts go to people at your income level or below, and how much go to people at higher income levels. Use CTJ's online tax calculator now and find out how these proposals will affect you.
