Frequently Asked Questions About the Bush Tax Cuts
May 26, 2010
The Tax Foundation has launched a series answering frequently asked questions about the Bush tax cuts, which are scheduled to expire at the end of 2010. One component calculates what 10 typical tax returns will look like in 2011 under three scenarios: if all the Bush and Obama tax cuts expire completely at the end of this year, if all the Bush tax cuts are extended to 2011 or made permanent and if President Obama's budget is adopted, which includes a combination of expirations and extensions.
The 13-part series outlines how the three tax scenarios would affect key tax parameters such as tax rates and brackets, the standard deduction, the estate tax and other provisions. It also addresses questions such as "How much did the Bush tax cuts cost the Treasury in foregone revenue?" and "Who received the biggest tax savings from the tax cuts?" among others.
Read Tax Foundation Fiscal Fact, No. 227, "Taxpayers Face Uncertainty in 2011 As Bush and Obama Tax Cuts Expire" or see Frequently Asked Questions on the Expiring "Bush Tax Cuts."