New Calculator Shows How Much More Taxes Will You Pay Next Year

Curtis Dubay / July 27, 2010

We are on the precipice of the largest tax increase in United States history. On January 1, 2011, the 2001/2003 tax relief will expire. All Americans who earn income will see their taxes go up as a result (even those who work but don’t pay any federal income taxes) unless Congress acts soon to prevent this massive tax hike.

The constant refrain from those who oppose the tax relief is that they benefited only the rich. If the tax cuts expire as scheduled, this myth will be proven untrue once and for all. But taxpayers don’t have to wait until next year to see how much bigger a bite Uncle Sam will take. The Tax Foundation recently created a tax calculator that will show them how much more they will pay in taxes next year. (more…)