-By Warner Todd Huston
We all know that time is running out for Congress to extend the Bush tax cuts and if it doesn’t do so we will all see our taxes go up. To help you figure out what your tax burden will be with and without the Bush tax cuts the folks at the Tax Foundation have created an excellent new “tax calculator” that will show you how much your tax burden will be for 2011. You can try the calculator out at: www.mytaxburden.org/
The calculator shows you what you’ll pay if the Bush tax cuts remain in place, what you’ll pay with them removed (as they are about to be), and what you’ll pay under Obama’s tax proposals.
You have to know your income for 2011 (or at least an estimate), your filing status, dependents, and all the usual basic info that affects your filing.
Obama is about to preside over a massive tax hike, folks. The Tax Foundation’s calculator will help you understand how it will affect you.