President Obama’s fiscal year 2015 budget proposes to increase taxes on individuals by over $820 billion and on businesses by about $500 billion, for a total of over $1.3 trillion in new taxes over the next ten years....
- Tax Foundation Releases MyTaxBurden.com Calculator
Tax Foundation Releases MyTaxBurden.com Calculator
Revised Online Tool Allows Taxpayers to Estimate Individual Costs of Tax Policies
Washington, DC, April 16, 2012—The Tax Foundation has launched a newly revised and updated online tool for taxpayers, to help them estimate what their tax burden would be under several possible legislative proposals being considered by Congress and the President. The MyTaxBurden Tax Policy Calculator allows users to input household data and get a personalized estimate of what they would have to pay to the federal government under an array of different scenarios.
The three default scenarios presented by the MyTaxBurden calculator are full expiration of all Bush-era and Obama tax cuts, full extension of these cuts, and President Obama’s plan to partially extend these cuts for families making under $250,000 per year ($200,000 for single filers.) Amounts are automatically shown for tax year 2013, but the calculator allows the user to enter custom policy scenarios with different combinations of legislative proposals for different tax years.
The MyTaxBurden calculator also allows users to share their calculations with others, via a permanent link to their results. Individuals can use their own income data to estimate their potential tax burden, or use example data to learn about how the various proposals would affect different types of households.
Low Income Single Parent: $20,000 income, 2 kids
Typical Family: $55,000 income, 2 kids
Wealthy Family, $300,000 income, 2 kids
Wealthier Family, $500,000 income, 2 kids
Very Wealthy Individual, $1,500,000 income, single filer
President Obama’s Tax Return
“We allow users many options in both the amount of data they want to provide and the level of detail they can go into in customizing their results,” said analyst and programmer Nick Kasprak. “The calculator can provide general results with only a few data points, while advanced users can get extremely detailed results under dozens of different custom scenarios.”
Many taxpayers are particularly interested in what their tax burden is going to be over the next year, as large parts of the federal tax code are current set to change or expire. Current marginal rates, signed into law by President George W. Bush in 2001 and 2003 and extended by President Obama, are set to expire at the end of the year, in addition to elements of the Alternative Minimum Tax, the current payroll tax holiday, and other significant provisions.
The Tax Foundation provides several online tools for taxpayers, researchers, and the media. These include the Healthcare Tax Calculator, an interactive database of property tax information, and a state spending limits data tool.
The Tax Foundation is a nonpartisan, nonprofit organization that has monitored fiscal policy at the federal, state and local levels since 1937. To schedule an interview, please contact Richard Morrison, the Tax Foundation’s Manager of Media Relations, at 202-464-5102 or firstname.lastname@example.org.
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