Wednesday, September 1, 2010

How Might Proposed Tax Changes Affect You?

Citizens Tax Justice has released a new tax calculator designed to show how much you would pay in taxes under different plans being debated in Congress right now.  Potential plans include the following:

  • Congress does nothing and the Bush tax cuts are allowed to completely expire,
  • Congress enacts Obama's proposal to extend some of the Bush tax cuts and some additional tax cuts (the Making Work Pay Credit and expansions of the Child Tax Credit and EITC that were included in the Recovery Act),
  • Congress extends all of the Bush tax cuts but none of the tax cuts included in the Recovery Act.

Please take a look at the calculator to see how you will fare, and let legislators know what you think!

image courtesy of http://commons.wikimedia.org/wiki/File:Dollar_symbol.jpg

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