The Tax Foundation has a great new tool to calculate your federal tax burden in 2011 – comparing your tax bill if the 2001 & 2003 tax cuts (“Bush tax cuts”) are extended, if the cuts expire, and if the taxes proposed in the Obama budget are enacted.
When the tax rates were reduced with 2001 and 2003 legislation, these cuts were set to expire after 2010. That is, taxes are scheduled to increase in January 2011.
Check out MyTaxBurden.org to see how the expiring cuts will effect you.
The Wall Street Journal also has an article today on the expiring tax cuts, with a chart showing the different rates and the percentage of filers affected.