Just in case you might have thought that we were the only ones going tax-related tool crazy these days, Nick Kasprak of the non-profit Tax Foundation has done a major update to the organization's MyTaxBurden tool!
Today the Tax Foundation releases its latest interactive tool, an update and overhaul of its successful MyTaxBurden tax calculator. I've rewritten the calculator from the ground up and added a variety of new options and features.
The original MyTaxBurden calculator was released in July 2010, and calculated tax bills for tax year 2011 under three scenarios - full expiration of the Bush and Obama stimulus bill tax cuts, full extension of those cuts, and partial expiration for high income earners in the form proposed by President Obama. Later we added a similar proposal to reflect the proposals of Congressional Democrats, and finally the compromise plan that became law in December.
However, one limitation of the calculator was that it wasn't possible to customize policy scenarios in any real way. Suppose, for example, I wanted to compare the effects of failing to patch the AMT under full extension or full expiration of other tax cuts? What if I wanted to look at how my tax burden changes from year to year, and compare my 2010 bill to my 2011 bill? What if I want to look at the President's proposal, with and without the Buffett rule? What if I wanted to look at all of these scenarios but also see what would happen if health care reform is overturned by the Supreme Court?
The new calculator lets the user make these decisions. Each scenario in the calculator represents a particular combination of pieces of legislation, any of which can be turned on and off individually, on top of current law.
Here's a screen shot we snapped of the tool's basic interface:
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