What will you do with your tax break?

Some professors at Yale and Cornell have started a Web site to protest tax cuts for wealthy Americans, the Associated Press reports today.

“Extending the tax cuts for the very wealthiest Americans is frankly unconscionable,” Yale Law School professor Daniel Markovits told the AP today. “Donors can pledge their money to support the kinds of programs that will help families, create jobs, and set the country moving toward a just prosperity.”

Their Web site, Give It Back For Jobs, is a fairly bare-bones calculator to reveal what your tax cut is, and then provides links to charities that it says can use the cash.

Unfortunately, there doesn’t seem to be any mechanism for documenting how many people end up donating their tax cut, but the calculator is, nonetheless, a pretty interesting exercise that shows how much non-wealthy people are getting back, too.

An example (married filing jointly):

Adjusted Gross Income Amount of tax cut
$100 million $3,757,114
$1 million $29,962
$100,000 $2,810
$75,000 $792
$30,000 $1,136
$10,000 $258

It’s not entirely clear how many people will be eligible for these tax breaks, since we learned last year that almost half of all Americans don’t pay any federal income tax.

What’s your plan for the money?

(Note: The calculations do not include a 2% reduction in the payroll tax.)