11/18/10

This is my Hess truck

Budget calculators are so yesterday. All the cool kids have moved on to the next thing. The Tax Policy Center's Tax Calculator 2.0 has even more awesome features just in time for angry postprandial debates with conservative relatives around the turkey carcass! Here's what's new:
• Simulate either 2010 or 2011 taxes—compare tax changes against tax law for either year.

• Turn the AMT patch on or off—continue the temporarily higher exemptions for the alternative minimum tax or use their lower permanent values.

• Estimate the impact of tax law changes on five built-in income levels. In addition to incomes approximating the 20th percentile, median, and 80th percentile for each of our six representative households, we’ve added two higher incomes representing the top 1 percent and the top 1/10 percent of each type of household with sources of income and itemized deductions consistent with those incomes.

As before, the calculator lets you choose one of our ready-made examples or create your own taxpayer from scratch and then compare tax bills under three tax policies—full extension of the 2001-03 tax cuts, complete expiration of those cuts, or President Obama’s tax plan.
So now you can do what Congress refuses to: soak the rich! 

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