Here’s an interesting resource. The Tax Foundation, a non-profit organization since 1937, recently published the 2011 Tax Burden calculator on their website at MyTaxBurden.org.
The calculator forecasts your tax bills using your favorite (or rather, least favorite) scenario:
|(1)||EXPIRATION. Congress allows the 2001 and 2003 Bush tax cuts to expire as scheduled;|
|(2)||OBAMA/REPUBLICAN COMPROMISE PLAN. Congress passes the compromise agreed to between President Obama and Senate Republicans, in which all the Bush tax cuts, as well as many 2009 stimulus bill tax cuts, are extended for two years, and the Social Security payroll tax is reduced from 6.2% to 4.2% for one year, and|
|(3)||DEMOCRATIC PLAN. Congress passes the Middle Class Tax Relief Act Of 2010, which has made it through the House but stalled in the Senate: the plan in which the Bush tax cuts are extended only for families making under $250,000 (and $200,000 for single filers).|
|(4)||ORIGINAL REPUBLICAN PLAN. Congress passes the Tax Hike Prevention Act of 2010, the original plan favored by congressional Republicans that extends all of the Bush tax cuts but not the 2009 stimulus bill tax cuts. We include it here as an option, for comparison against the compromise plan now favored by most congressional Republicans.|