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Have You Tried the Tax Cut Calculator Yet?

Austan Goolsbee, Chairman of the Council of Economic Advisers, demonstrates the new tax cut calculator. Find out how the bipartisan tax deal will affect your bottom line.

With the April 18 tax filing deadline fast approaching, many Americans are thinking about their taxes this time of year. 

Last December, President Obama signed a bipartisan tax cut compromise into law.  To help you understand how those tax cuts are already affecting your paycheck and your household bottom line, we’ve put together a new tax cut calculator.

Check out this video of Council of Economic Advisers Chairman Austan Goolsbee explaining how our new tax cut calculator works, then head over the to the calculator and answer a few simple questions to find out how these tax cuts will affect your paycheck today and your taxes in 2011.

Watch the video explaining the tax calculator here.

Learn more about the tax cut calculator and see a checklist of Recovery Act tax cuts you may be able to claim on your 2010 tax returns.