What will the 2011 tax rates be? Lots of things could happen with the 2011 tax brackets, but whatever the changes are, they will impact your tax planning this year.
2011 Tax Rate Changes
There are many things that could happen with the 2011 tax rates. Congress could let all of the 2001 Bush tax cuts expire, which would essentially raise taxes for all the tax brackets.
Or they could keep the tax cuts in place for those earning less than $250,000, but bring back the two higher tax rates in 2011 for those making over $250,000 as they have alluded to in the 2010 budget proposal. The proposal also includes expanding the tax bracket for those in the 28% bracket.
Or they could do something totally different and surprise us all. To figure out what your taxes will look like in 2011, you can use the 2011 Tax Calculator.
We’ll keep you posted on what will happen to the 2011 tax rates as the Obama Tax Deal is worked out.
2011 Tax Rates & Brackets Proposed
Since we have to assume something for tax planning, we’ll use the projections from the proposed budget. Here’s what it could look like under the budget proposal.
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