Fiscal Cliff Calculators: How Much More Will You Owe If We Fall Off?
Dec 6th 2012 4:14PM
Updated Dec 17th 2012 11:59AM
As Democrats and Republicans continue to battle over budget solutions, it's starting to look like America might actually fall off the fiscal cliff. If Congress and President Obama fail to come up with a mutually acceptable deal by Jan. 1, $607 billion in tax increases and spending cuts will automatically kick in. But what would this mean for your tax burden next year? DailyFinance has rounded up the best fiscal cliff calculators we could find on the Web.
Enter your income, the number of exemptions, and your filing status, and this calculator will estimate your 2012 taxes and your taxes post-cliff. Short and sweet.
The behemoth of all fiscal cliff calculators. You can enter up to 26 pieces of information about your income and tax filing status, and then see what your taxes would be under various scenarios. As a default, it shows you your 2011 taxes, what would happen if the all the fiscal cliff changes go into effect, and what your taxes would be under Obama's budget and tax proposal. You can also add your own scenarios, so you can see how each individual piece of legislation would affect your taxes. If you want the clearest view of how important these budget debates are to your famliy budget, this is the place to go.
Tax Policy Center:
The Tax Policy Center starts you out gently, asking for only an income and filing status, and then prompts you to optionally add detailed info to more accurately predict your taxes. It also allows you to compare what your taxes would be under various scenarios, like the Senate Republican vs. Senate Democrat plans.
The Washington Post used this calculator's results to make a more user-friendly version, allowing you to choose one of six family types and see how the Fiscal Cliff would effect their taxes.
If you're looking for an overall picture of how the fiscal cliff will affect everyone's taxes, Paycheck City's chart is right for you. Simply enter a filing status and number of federal allowances, and the chart estimates the current tax, the post-cliff tax, and the percentage increase for incomes ranging from $5,000 to $300,000 a year.
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