The White House has debuted a new online calculator to help taxpayers understand how last December’s tax cut legislation is affecting their paychecks and household finances.

In addition to the new White House Tax Cut Calculator, the Obama administration has also introduced a new Tax Cut Checklist to help taxpayers better understand how they benefit from the more than 40 tax cuts signed into law by President Obama.

The calculator shows the benefits of the 2 percentage point payroll tax cut in last December’s tax cut legislation, and also illustrates how families can benefit from three Recovery Act tax cuts: the American Opportunity Tax Credit and the expanded Earned Income Tax Credit and Child Tax Credit.

The Tax Cut Calculator can be accessed here. There is also a video showing Council of Economic Advisers Chairman Austan Goolsbee explaining how the new tax cut calculator works on the White House blog. You can click on the video player below to watch it.

 

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