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1 Mark Robyn, Family Tax Returns in Doubt As Expiration Approaches for Bush and Obama Tax Cuts: Three Likely Policy Scenarios 1 (2010)

handle is hein.taxfoundation/ffcfbxz0001 and id is 1 raw text is: October 13, 2010 No. 251 a.. Family Tax Returns in Doubt As Expiration Approaches for Bush and Obama Tax Cuts: Three Likely Policy Scenarios By Mark Robyn The fight is heating up in Washington over how to handle the approaching expiration of the Bush- era tax cuts. A great deal continues to be said both in support of and in opposition to various features of the Bush-era tax policies. Some of this information is accurate and helpful, but much of it is buried deep in political rhetoric, obscuring the facts and making an often perplexing topic even more difficult to grasp. Here we clarify the impact for taxpayers by calculating the tax bills of several hypothetical families in 2011 under the three likeliest policy scenarios. * Full Expiration: the Bush tax cuts fully expire at the end of 2010, as scheduled in current law. This is the 'default' policy if Congress takes no action on the Bush-era tax cuts. It is essentially the law that prevailed before President Bush was elected. * Republican Plan. permanent extension of all of the Bush tax cuts, as proposed by many Congressional Republicans * Democratic Plan: extension of the Bush tax cuts for taxpayers making under $200,000 (single) or $250,000 (married), and expiration of the Bush tax cuts for those over the stated thresholds, as proposed by Congressional Democrats. The specific set of proposals laid out in the Obama Administration's 2011 budget appears to be effectively dead as both parties in Congress have laid out their own set of tax policy priorities. What the Different Proposals Mean The Bush-era personal income tax cuts that expire at the end of 2010 include reductions for low- income, middle-income and high-income earners. Some provisions helped just low-income people, some helped low- and middle-income, some middle- and high-income, and some just high-income people. Proceeding roughly up the income spectrum, then, they: Note: This update of Tax Foundation Fiscal Fact, No 227, Taxpayers Face Uncertainty in 2011 As Bush and Obama Tax Cuts Expire, May 26, 2010, includes the parties' new policy proposals and revised tax parameters based on new inflation data from the Bureau of Labor Statistics. Mark Robyn is an economist at the Tax Foundation.

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