It’s unclear at the moment whether Congress will act to extend the Bush Tax Cuts, let them expire, or enact a new hybrid plan that the administration is proposing whereby only families making over $250K would see an increase. So, given the proposed plan, this tax calculator by the Tax Foundation has a nice simple interface and spits out your total tax liability. Based on this back of the napkin estimator, you can at least directionally tell if you’ll make out better or worse and by how much under each scenario (well, nobody makes out if the cuts expire altogether).
Here’s a screenshot of a hypothetical family with 3 kids making 100K and some other assumptions:
When I went and entered our family’s actual information, as it turns out, based on this calculator, I’d actually come out ahead under Obama’s new plan. It doesn’t mean I agree with it, but that’s how it’s shaping up.
How’d Your’s Come Out?