The Tax Foundation offered an updated tax calculator this week that taxpayers may use to determine tax liability.
Fill out the left-hand column and click Calculate to estimate your 2011 income tax under various 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.
The calculator is available at: http://www.mytaxburden.org/
The mission of the Tax Foundation is to educate taxpayers about sound tax policy and the size of the tax burden borne by Americans at all levels of government.