Adding, or rather subtracting, up your tax cut

Dec. 28, 2010 at 7:57 AM ET

The debate over the Bush-era tax cuts made for great political theater. But now that President Obama and Congressional Republicans have cut a deal, it’s time to think about what it will mean for you come tax time.

Earlier this year, when bickering over the tax cuts was in full swing, the Tax Policy Center came up with a handy, customizable calculator that allowed people to see how the plans Democrats and Republicans were proposing would affect taxes.

Now, the calculator has now been updated to reflect the compromise plan. Obama signed the new tax bill into law earlier this month.

The tax bill extends tax cuts for the rich and benefits for the unemployed. It also adds a Social Security payroll tax cut for all workers.

The new calculator lets you compare what your bill will be under the new tax deal to what it would have been if the tax cuts had either been extended or allowed to expire.

The tool also allows you to customize based on age, income level, marriage status and how many children a family has.

Take a deeper dive and you can also alter details such as childcare expenses, charitable contributions and mortgage interest.

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