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A Fiscal Cliff Calculator - How Much MORE Will You Pay in Taxes?
The WWW | 12/28/2012 | R2

Posted on 12/28/2012 7:33:18 AM PST by Responsibility2nd

There are a number of Fiscal Cliff Calculators out there that can estimate how many thousands of dollars more per year you will pay if we go over the Fiscal Clif.


TOPICS: Miscellaneous
KEYWORDS: bohica; fiscalcliff
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Hang onto to your wallets.

Fiscal cliff calculator: figure your income tax hit

Fiscal Cliff Calculator | Bankrate.com

 

News:

How Much Will Falling Off the Fiscal Cliff Cost You?

If Congress fails to pass an extension of the Bush era tax cuts by midnight Monday, American paychecks will get smaller. You can use the fiscal cliff calculator to see the impact on your paycheck

How the Fiscal Cliff could impact your paycheck

SAN ANTONIO - Without congressional action to avert the so-called Fiscal Cliff, 2.1 million unemployed workers will lose jobless benefits and the Congressional Budget Office predicts 3.4 million jobs could be lost.

more...

 

1 posted on 12/28/2012 7:33:29 AM PST by Responsibility2nd
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2 posted on 12/28/2012 7:41:44 AM PST by PMAS (All that is necessary for the triumph of evil is that good men do nothing)
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To: Responsibility2nd

I’m going to get hammered, but I live frugally, and will survive. I’m going to seriously enjoy listening to the Obama voters whine when this hits their first check. I’d be willing to bet real money that most Americans have no idea what the fiscal cliff is, and how it will affect them.

When this happens, maybe, just maybe, a few of the morons will understand that what Washington does really does affect us.


3 posted on 12/28/2012 7:41:49 AM PST by brownsfan (Behold, the power of government cheese.)
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To: brownsfan

Wouldn’t count on it.


4 posted on 12/28/2012 7:45:47 AM PST by guardian_of_liberty (We must bind the Government with the Chains of the Constitution...)
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To: Responsibility2nd

$192 less per pay period - crap!!!!!!


5 posted on 12/28/2012 7:47:18 AM PST by svcw (Why is one cell on another planet considered life, and in the womb it is not.)
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To: brownsfan
"When this happens, maybe, just maybe, a few of the morons will understand that what Washington does really does affect us."

They will blame the evil GOP and call for the House to be returned to the Rats. They will ask Obama to save them. This the looking glass view.

6 posted on 12/28/2012 7:49:29 AM PST by Truth29
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To: brownsfan
I’m going to get hammered....


7 posted on 12/28/2012 7:56:10 AM PST by 1rudeboy
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To: Truth29

This puts things into a much better perspective as to the present economic situation though the numbers are probably out of date and it took a person from Canada to do it !!!

Lesson # 1:

* U.S. Tax revenue: $ 2,170,000,000,000.00
* Fed budget: $ 3,820,000,000,000.00
* New debt: $ 1,650,000,000,000.00
* National debt: $ 14,271,000,000,000.00
* Recent budget cuts: $ $ 38,500,000,000.00

Let’s now remove 8 zeros and pretend it’s a household budget:

* Annual family income: $ 21,700.00
* Money the family spent: $ 38,200.00
* New debt on the credit card: $ 16,500.00
* Outstanding balance on the credit card: $ 142,710.00
* Total budget cuts so far: $ 38.50

Got It ?????

OK now,

Lesson # 2:

Here’s another way to look at the Debt Ceiling:

Let’s say, You come home from work and find
there has been a sewer backup in your neighborhood....
and your home has sewage all the way up to your ceilings.

What do you think you should do ......

Raise the ceilings, or remove the crap?


8 posted on 12/28/2012 7:56:26 AM PST by IM2MAD (IM2MAD=Individual Motivated 2 Make A Difference)
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To: Responsibility2nd

Most people won’t notice...they’ve got automatic withholding, and now most have their paycheck automatically deposited....and to most, taxes are a ‘payday’ when the guy at H&R Block issues them a refund anticipation loan check.

Some simple steps to change attitudes about taxation:

1. Abolish automatic withholding. Its immoral. If a bill is due to Ceasar, let us write a check. Don’t intercept the money before it gets to me...let me filter it trough my bank account, let me ‘feel’ the money, and let me be cognizant of how much I am paying. Make it a bill due once a month...peridically adjusted if you ae under/over paying just like an escrow account a mortgage holder keeps for property taxes.

2. Teach high school seniors how to fill out a 1040-EZ form....and the approriate state form. Give the kids a chance at being able to fill out their own taxes, instead of making it seem to be some magical thing that only the ‘experts’ can do. Let them write down their total wages...and traverse the form from there. Let them look up their ‘total tax’ on the table. Sure, it will be very little at first, but as they get better and better jobs, they will start to understand just how much they are being skimmed.

3. Eliminate company social security withholding, and switch it to individual withholding. The current system is incredibly cynical, and is meant to fool the sheeple. In year one of this, smart employees will ask for the difference in more salary, so it can be tax neutral...but it will help people ‘see’ their real social security withholding.


9 posted on 12/28/2012 7:58:37 AM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: Truth29

“They will blame the evil GOP and call for the House to be returned to the Rats. They will ask Obama to save them. This the looking glass view.”

I know you’re right. The media will support that view, and the morons will buy it without thought to who controls the EXECUTIVE branch and the Senate. Heck, most of the morons probably don’t know there is an executive branch.


10 posted on 12/28/2012 7:58:37 AM PST by brownsfan (Behold, the power of government cheese.)
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To: brownsfan

They will just howl that this is the republicans’ fault, and whine that they are paying more taxes because rich people are getting a free ride.

The concept that we are spending too much money will elude them.

And, probably a few bank lobbies will get their windows smashed in.


11 posted on 12/28/2012 8:01:12 AM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: IM2MAD

I’d like to do a Facebook ‘Like’ to your post, eh.


12 posted on 12/28/2012 8:03:31 AM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: brownsfan
Exactly. I was at a Christmas gathering and some libs were delighted that the "1 percenters" like me were going to get hammered. I delighted in telling them that I am going to get whacked for x thousand of dollars so I, unlike the Government, merely adjusted my budget. Other than Wounded Warriors, all my charitable giving will stop. I was going to have some work done on the house but don't really need it so I stopped-shame all those guys lost that work- and that I will cut way back on eating out-sorry waitresses. They glared at me and were bitter all night long. I had a blast as I proceeded to talk with the other one percenters about how we could really cut back and tighten our belt and that it was actually a good thing. We would actually be able to scoop up stuff cheaply as the fallout continues.

it is actually quite sad, but I couldn't help but delight rubbing it in.

13 posted on 12/28/2012 8:03:59 AM PST by MattinNJ (Col. West in 2016!!!!!!!!)
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To: brownsfan
I’m going to get hammered

Me too. I have two in college and can barely afford it now. It appears my taxes will go up the equivalent to a semester for my oldest. The only way to retaliate is to spend only on necessities. My wife could use a new car. Screw it, she will drive the current one until it dies. We will avoid buying anything new. These tax increases are going to shut down the economy big time.

14 posted on 12/28/2012 8:11:04 AM PST by suijuris
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To: MattinNJ

“it is actually quite sad, but I couldn’t help but delight rubbing it in.”

Like you, I’ve cut charitable giving. USO is the one charity I still give to, the rest can go to daddy Obama.

It’s sad, tragic, and disgusting. I am incredibly bitter that a voting majority in this country is so gosh darn stupid and totally self interested. I take extreme pleasure in watching the Obama voters hoisted on their own petard.

And even worse, the media will tell them it’s the GOP’s fault, and they’ll believe it. It’s up to people like you and me to rub their noses in the stinky reality they’ve made for themselves.


15 posted on 12/28/2012 8:12:14 AM PST by brownsfan (Behold, the power of government cheese.)
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To: lacrew
1. Abolish automatic withholding. Its immoral. If a bill is due to Ceasar, let us write a check. Don’t intercept the money before it gets to me...let me filter it trough my bank account, let me ‘feel’ the money, and let me be cognizant of how much I am paying. Make it a bill due once a month...peridically adjusted if you ae under/over paying just like an escrow account a mortgage holder keeps for property taxes.

I wonder what percentage of revenue the IRS takes in from payroll deduction. I get a big smile on my face every time I think of what would happen if the IRS had to depend on taxes being paid direct from the wage earner and not the employer.

16 posted on 12/28/2012 8:15:21 AM PST by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
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To: brownsfan

There was some good news from one of the news reports in reply # 1.

“2.1 million unemployed workers will lose jobless benefits...”

One of the very reasons why the unemployment rate is so high and why the deficit is increasing is due to millions being paid NOT to work.

Lookie. I’m all for unemployment benefits. Been there - done that. But to extend those bennies for up to 2 years???

Forget that!


17 posted on 12/28/2012 8:20:01 AM PST by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
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To: svcw
$192 less per pay period - crap!!!!!!

$250 less per pay period for me, total about $6,500 for the year. That's gonna hurt. I'll spend even LESS when my taxes go up that much. Not that I spend a whole lot in this economy anyway beyond food and clothes at this point!

Going to have to start looking to see what else we can cut. Wonder of my two teenage sons can get by on 2 meals a day instead of the 4-5 they're eating now?

18 posted on 12/28/2012 8:27:22 AM PST by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: Responsibility2nd

“I wonder what percentage of revenue the IRS takes in from payroll deduction”

Just think, once death panels are in place, the IRS can arrange for automatic withholding of inheritances too. :)


19 posted on 12/28/2012 8:31:05 AM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: MattinNJ

20 posted on 12/28/2012 8:32:02 AM PST by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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