The Tax Policy Center has a chart comparing the Senate Tax Cut Extension Bills proposed by Senate Majority Leader Harry Reid (D-NV) and Sen. Orrin Hatch (R-UT) respectively. At present, the Reid bill doesn’t address the AMT patch for 2013 or the status of the 2009 estate and gift tax law, but TPC illustrates how addressing those expensive provisions might impact its net cost.
I’m grateful to Donald Marron, director of the Tax Policy Center, for the pointer. Marron has also written a brief and helpful guide to understanding why 46% of U.S. households do not pay federal personal income tax, stressing that most of these households pay other federal, state, and local taxes, either directly or indirectly.