The Tax Policy Center has revised its original expiring tax cuts calculator, just in time for the lame duck Congressional session to debate the issue.
TPC Tax Calculator 2.0 allows you to compare tax bills under three possible scenarios: full extension of the 2001 and 2003 tax cuts, complete expiration of the Bush-era tax cuts and Obama's tax plan.
This iteration also incorporates three major changes:
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You can simulate either 2010 or 2011 taxes and compare tax changes against tax law for either year.
- You can turn the alternative minimum tax (AMT) patch on or off to continue the temporarily higher exemptions for the AMT or use their lower permanent values.
- You can pick any of five built-in income levels, including two higher incomes in this newest version.
The calculator offers six taxpayer types, represented by funky graphics like the three sprinkled in this post. Or you can create your own taxpayer from scratch and then compare tax bills under the potential tax situations for next year.
Have fun running the numbers while we wait for the lame duck Congress to get back from its Thanksgiving break and decide (we hope!) what tax laws we'll really have to follow in 2011.
Related posts:
- Yet another tax cut what-if calculator
- Your 2011 tax burden revised
- Your 2011 tax burden
- Personal finance calculator collection
- Where does your taxable income rank?
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Tax Calculator 2010
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