Tax Guru – Ker$tetter Letter

The Soak-the-Rich Catch-22 – From Arthur Laffer

To deal with the deficit, let the tax cuts expire – The problem is that too many people believe this lie.

A tax increase in these uncertain economic times would be devestating.

Pending tax hikes cause Democratic tension

Liberal Tax Revolt Game-Changer? – Are some DemonRats actually in favor of extending the Bush tax cuts?

The calamitous effects of Obama’s tax hikes

Pence promises full-fledged GOP campaign to keep Bush tax cuts – Of course, the GOP’s track record in slowing down the DemonRats’ socialist agenda doesn’t make this sound very realistic.

Tax hikes for the rich: Can the economy afford them? – In CNN’s typical  logic, all money belongs to the government, and we should be ever so grateful if our rulers allow us to keep any of it.

Battle Looms in Washington Over Expiring Tax Cuts

Geithner says allowing tax cuts for wealthy to expire would be responsible thing to do

With the expiring tax cuts on the horizon and the possibility of their being extended, trying to get a handle on what a person’s 2011 tax picture will look like is more difficult than at any time I can recall in my 35+ years in this profession.  Luckily, there are some folks developing tools to make some quick calculations possible.  Specifically, this tax calculator from the Tax Foundation, called MyTaxBurden, is very interesting.  It allows you to input your estimated income and deduction amounts and see the Federal income tax under three different assumptions;  the Bush tax cuts expire, they are extended, and one of Obama’s proposed budgets. 

Some useful related info on the three different scenarios:

Detailed Breakdown of Tax Brackets

Outline of Major Tax Law Provisions in 2011 under Multiple Scenarios