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Old 07-28-2010, 04:46 PM
 
Location: Tennessee
34,673 posts, read 33,676,768 times
Reputation: 51867

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Well, there is a lot of heated debate about whether Congress/President will allow the Bush tax cuts to expire or let them partially expire. There is one group of people making it sound like only the very wealthy are impacted and another group saying we're all impacted. Most people don't get excited (pro or con) about an issue until they know how much it will impact them, personally.

Well here's your chance. Pull out a copy of your last tax return and fill in the left hand column of this 2011 tax calculator to see how you will fare if:

1) Congress allows all of the Bush tax cuts to expire;
2) Congress acts to extend into 2011 all of the Bush tax cuts; and
3) Congress passes the tax laws suggested in President Obama's budget, letting some tax cuts expire, extending some, and enacting some new tax laws.

My Tax Burden

After you fill in the left hand column, hit calculate my 2011 income tax, and the right hand column will show the impact to you personally under all 3 scenarios.
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Old 07-28-2010, 04:49 PM
 
5,721 posts, read 5,464,596 times
Reputation: 3606
ok people if you're going to brand yourselves as in favor of reducing the deficit, you can't talk about not letting these expire at the same time kthx.
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Old 07-28-2010, 04:52 PM
 
Location: Long Island (chief in S Farmingdale)
19,020 posts, read 15,477,688 times
Reputation: 3956
Even the Republicans aren't trying to make arguments that all the cuts will expire.

Anyway, under Obama's proposals my income tax would be $400 less than if Bush's cuts are all extended.
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Old 07-28-2010, 04:57 PM
 
24,843 posts, read 32,384,569 times
Reputation: 11453
Quote:
Originally Posted by Smash255 View Post
Even the Republicans aren't trying to make arguments that all the cuts will expire.

Anyway, under Obama's proposals my income tax would be $400 less than if Bush's cuts are all extended.
Can you give more detail on that???
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Old 07-28-2010, 04:57 PM
YAZ
 
Location: Phoenix,AZ
7,075 posts, read 11,840,791 times
Reputation: 6298
We're toast.

I didn't think we were "rich."

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Old 07-28-2010, 04:58 PM
 
24,843 posts, read 32,384,569 times
Reputation: 11453
As soon as Obama was elected I protected myself from him.

Sure glad I did.
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Old 07-28-2010, 04:59 PM
 
Location: South Fla
9,644 posts, read 8,610,171 times
Reputation: 1942
Quote:
Originally Posted by juppiter View Post
ok people if you're going to brand yourselves as in favor of reducing the deficit, you can't talk about not letting these expire at the same time kthx.
How about we cut spending and let me keep my money?
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Old 07-28-2010, 05:00 PM
 
17,750 posts, read 19,791,121 times
Reputation: 7418
This isn't going to be until 2011 though... the taxes in 2010 are still protected under Bush's tax cuts, its the next year's income that we have to prepare for...
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Old 07-28-2010, 05:00 PM
 
Location: South Fla
9,644 posts, read 8,610,171 times
Reputation: 1942
We did it. My husband is not a happy camper right now.
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Old 07-28-2010, 05:03 PM
 
Location: Long Island (chief in S Farmingdale)
19,020 posts, read 15,477,688 times
Reputation: 3956
Quote:
Originally Posted by Jadex View Post
We did it. My husband is not a happy camper right now.
Did you do the lie part that they won't be extended at all or the Obama proposal part??
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