If Congress fails to act by the end of 2010, the Bush Tax Cuts will expire. The Tax Foundation has provided a calculator to estimate your taxes under the following conditions:
| (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. |
This is obviously not for tax preparation or filing purposes, but it gives a good look at what you might expect under the given conditions…it’s eye opening!
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