Over at the Tax Policy Center, we just unveiled a nifty new tool for understanding how the ongoing tax debate might affect real households. The Tax Calculator allows taxpayers, analysts, and the media to analyze how much an individual or family would pay in taxes under three scenarios:

• 2010 law, in which the 2001-2003 tax cuts are all in effect;

• The law scheduled to take effect in 2011, in which essentially all of the 2001-2003 tax cuts have expired; and

• The proposals that would take effect in 2011 under President Obama’s Budget. The budget includes numerous features, of which the most prominent is that  the tax cuts would continue for incomes up to $200,000 (individual) or $250,000 (joint), but almost all of the tax cuts at higher income levels would expire.

Users can create their own taxpayer profiles or can select from any of six sample households.

If you are interested, please try it out.

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