With Tax Day still fresh in our minds, the Washington-based Tax Foundation has launched an updated online tool for taxpayers, to help them estimate what their tax burden would be under several possible legislative proposals being considered by Congress and the President. The MyTaxBurden Tax Policy Calculator allows users to input household data and get a personalized estimate of what they would have to pay to the federal government under an array of different scenarios.
The three default scenarios presented by the MyTaxBurden calculator are full expiration of all Bush-era and Obama tax cuts, full extension of these cuts, and President Obama’s plan to partially extend these cuts for families making under $250,000 per year ($200,000 for single filers.) Amounts are automatically shown for tax year 2013, but the calculator allows the user to enter custom policy scenarios with different combinations of legislative proposals for different tax years.
Go here to use the MyTaxBurden calculator