How Income Taxes Will Change in 2011 (A Must See Site:mytaxburden.org)
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.
(Excerpt) Read more at blogs.wsj.com
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