If the Bush Tax Cuts are not extended, everyone’s taxes will increase–and more than you might expect. Although the new tax rate tables have not yet been established, we do know that the old (higher) rates will return. The exact income cutoffs (modified for inflation, etc.) are still unknown, but the tax rate tables at the bottom of this post are reasonable estimates.
Use the calculator at Bush Tax Cut Calculator to find out how much your taxes will increase.
Tax Bracket | Married Filing Jointly | Single |
---|---|---|
10% | $0 – $16,750 | $0 – $8,375 |
15% | $16,750 – $68,000 | $8,375 – $34,000 |
25% | $68,000 – $137,300 | $34,000 – $82,400 |
28% | $137,300 – $208,250 | $82,400 – $171,850 |
33% | $208,250 – $373,650 | $171,850 – $373,650 |
35% | Over $373,650 | Over $373,650 |
(Estimated) 2011:
Tax Bracket | Married Filing Jointly | Single |
---|---|---|
15% | $0 – $70,040 | $0 – $35,020 |
28% | $70,040 – $141,419 | $35,020 – $84,872 |
31% | $141,419 – $215,528 | $84,872 – $177,006 |
36% | $215,528 – $384,860 | $177,006 – $384,860 |
39.6% | Over $384,860 | Over $384,860 |