Bush Tax Cuts, Democratic and Republican Tax Plans
ATTENTION: Although the Bush tax cuts were extended in 2010, this page will be maintained for informational purposes. The information will soon become relevant again, because the Bush tax cuts are currently set to expire at the end of 2012.
Find out specifically how your income will be affected if the Bush Tax Cuts expire. How will you be affected if the Republican and Democratic Tax Plans become reality? View the different income scenarios, filing statuses, etc. and see what it will mean to you and your family.
How Will Various Tax Plans Affect You on Your 2010 Tax Return in 2011?
The Tax Plan Summary document below will brief you on what to expect on your 2010 Tax Return and in Tax Year 2011 based on your income level, household size, and family situation:
1. Introduction and Summary of Tax Scenarios
2. Tax Return: Summary of Taxes Owed/Refunded in 2011
3. Summary of Effective 2011 Tax Rates Paid on a Typical Tax Return
4. Typical 2011 Tax Return: Single Parent, Low Income
5. Typical 2011 Tax Return: Family of 5, Two Earners, Low Income
6. Typical 2011 Tax Return: Family of 4, One Earner, Low to Middle Income
7. Typical 2011 Tax Return: Family of 4, Two Earners, Middle Income
8. Typical 2011 Tax Return: Single Individual, High Income
9. Typical 2011 Tax Return: Family of 4, High Income
10. Typical 2011 Tax Return: Married Couple, Two Earners, High Income
11. Typical 2011 Tax Return: Retired Couple with Wages, Retirement Income, and Investment Income
Review each table of the Tax Plan document below and go directly to the section that applies to you. From there, you can get a preview of what your tax return may look like in 2011.