Tax Calculator

iVillage Member
Registered: 03-10-2010
Tax Calculator
20
Fri, 09-03-2010 - 12:49am

Calculate your family's federal income tax liability under the likely scenarios related to the expiring Bush tax cuts and Obama's plan:

http://www.ctj.org/federalincometaxcalculator.php

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iVillage Member
Registered: 08-16-2005
In reply to: mombittsey
Fri, 09-03-2010 - 6:35am

I entered our info there and another tax calculator and received two different answers, just to let you know.


iVillage Member
Registered: 07-24-2009
In reply to: mombittsey
Fri, 09-03-2010 - 8:16am
It may be because this site assumes that the Bush tax cuts will be extended for all but the highest income level, whereas other groups have gotten out there with calculators that assume all of the Bush tax cuts will expire.
iVillage Member
Registered: 01-04-2002
In reply to: mombittsey
Fri, 09-03-2010 - 8:32am
Oh that was interesting - thanks!
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iVillage Member
Registered: 03-26-2003
In reply to: mombittsey
Fri, 09-03-2010 - 9:06am
See, the thing is - yes, my taxes would supposedly go down in either scenario. But who's going to pay for the enormous debt we're accruing with the (imho) out of control spending going on. I hope my children have the opportunity to have a good life, because the way I see it, their taxes are going to have to be outrageous to cover the deficit.
iVillage Member
Registered: 03-10-2010
In reply to: mombittsey
Fri, 09-03-2010 - 9:28am
Oh...I have no problem letting all Bush taxcuts expire entirely. I've stated as much in other threads. But, for those in the middle class thinking that the world would end for them personally if the Obama tax plan was enacted, they're probably mistaken.

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iVillage Member
Registered: 07-19-2010
In reply to: mombittsey
Fri, 09-03-2010 - 9:38am

(But, for those in the middle class thinking that the world would end for them personally if the Obama tax plan was enacted, they're probably mistaken.)

"probably"

The problem is that so far, Obama's economists have been pretty much dead wrong on just about everything. Remember "recovery summer" when his economists said everything would turn around? Oops!

Remember the TRILLION dollar stimulus that was supposed to keep unemployment from skyrocketing to 8.5%? Oops!

Remember when the TRILLION dollar healthcare overhaul was supposed to keep premiums from skyrocketing? Oops!

American cannot afford any more "oops" from Obama and his economists. I think we need someone in the White House that actually knows what he's (she's) doing?

iVillage Member
Registered: 08-16-2005
In reply to: mombittsey
Fri, 09-03-2010 - 9:40am
I also suggest that anyone who tries this calculator uses a real one that is approved for tax purposes.


iVillage Member
Registered: 07-24-2009
In reply to: mombittsey
Fri, 09-03-2010 - 9:50am

It's disturbing how transparent it is that, even if some of these Democratic politicians (possibly including the president himself) think that the best economic policy for the country is to let the tax cuts expire, so many of them don't have the guts to do it, because they're worried that their constituents will be angry at them for raising their personal taxes. Instead of having the conviction to explain to the people that cutting taxes at this time is a bad idea, too many of them take the "easy" way out so they can look like they're putting money in everyone's pocket. It's not a surprise that nearly every Democratic politician quoted in the article is from a traditionally conservative state (many of them newly-elected, as well). It's a shame we also seem to have a president that's likely to take the "easy" way out, going against what most think are his long-held ideals, in order to appeal to a broader base of people who want their taxes to go down.

And we wonder why truly progressive initiatives can't even get passed when we "control" the presidency, House, and Senate.

iVillage Member
Registered: 03-10-2010
In reply to: mombittsey
Fri, 09-03-2010 - 9:55am
I don't believe that the Democratic party is truly "progressive." Instead, they are cynical politicians who don't make "tough" decisions, because they would rather look good than do good for their various constituencies. I think that Ben Nelson is particularly cynical, though Blanche Lincoln is right up there with him in the senate,.

~OPAL~

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iVillage Member
Registered: 07-24-2009
In reply to: mombittsey
Fri, 09-03-2010 - 9:56am
Would you mind providing a link to the one you used? I'd be interested to see what kind of assumptions they're making about the plans going forward.

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