Ever wondered how the tax debates you see in the news will actually affect your pocketbook? The Tax Foundation has released a new website, www.mytaxburden.org, that breaks those national tax debates right down to the taxpayers’ (ahem, YOU!) level. Check out the interactive tool that allows you to calculate how your income tax burden will be affected by three proposed tax scenarios: Congress allowing all of the Bush tax cuts to expire, Congress extending into 2011 all of the Bush tax cuts, and Congress passing the Obama-suggested tax laws.
For a more detailed explanation of the prospective 2011 tax increases by Carrie Lukas, click here.