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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
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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To: Responsibility2nd

It seems that once jobless benefits run out, many are suddenly becoming ‘disabled’.


21 posted on 12/28/2012 8:33:17 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
This link indicates the FC will be WORSE for low income wage earners and the more you make - the less of a increase percentage you will be hit with.

 

Those at the higher end of the income scale will face the biggest tax hikes under the "fiscal cliff" scenario in dollar terms, but many lower-income earners will see larger percentage increases. 

For example, a single person making $15,000 and having only himself as an exemption would see a $555 increase in his tax bill or nearly 49 percent more than the bill under current rates. The expiration of benefits for students and low-income earners could deepen the cliff impact for people in this group, depending on their circumstances.

Alternatively, a married couple filing jointly with three exemptions and a $125,000 income would face $6,135 more in taxes or a 28 percent increase. And if they claim child tax credits, the bill could rise by $500 per child, as current levels of the credit are reduced.

 

22 posted on 12/28/2012 8:51:21 AM PST by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
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To: Responsibility2nd

We’re this [] much over the poverty line and this [] much ineligible for gov freebies but we’ll be paying 62% more in taxes than we are now?!? How the bleep is that possible? There is no more blood in the stone.


23 posted on 12/28/2012 8:51:27 AM PST by bgill (We've passed the point of no return. Welcome to Al Amerika.)
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To: lacrew
It seems that once jobless benefits run out, many are suddenly becoming ‘disabled’.

 

Ah yes. I see them at Walmart


24 posted on 12/28/2012 8:51:33 AM PST by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
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To: Responsibility2nd

Ha.

But the new generation of SS Disability fraudsters are not necessarily too fat to walk. They are ‘bi-polar’.

Heck, the internet is the new ‘back of the phone book’:

http://ssdisabilityapplication.com/social-security-disability/mental-disabilities/bipolar-disorder/?gclid=CLi9l8rIvbQCFYZaMgoddm8AAA

Just call the 1-800 number and they’ll get you started.


25 posted on 12/28/2012 9:03:57 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: lacrew
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.


1. Well I have different ideas about how income taxes should be handled, period, but for now we can assume they stay mostly the same. (Flat rate federally, or more preferably, go through states.) Anyways, your point one is good, I've mentioned several times to people that instead of gov't withholding, we should just pay in April. And most people I talk to say they don't have money for that/can't save. Well it's not hard to take 10-15% of each paycheck (the amount that would otherwise be withheld) and drop it in a savings account you don't touch. You'll get a better return on your investment instead of giving Uncle Sammy an interest-free loan. If you don't have the personal control to handle that, then we can maybe have an option on your W2 when you first start to have them withhold. But OPTIONALLY. Though I also like your monthly (maybe quarterly?) idea, bit easier for people. And they definitely see more on what is taken from them, instead of the "April bonus" they get back.

2. Taxes are NOT HARD. Itemizing, with trust funds, dividends, charitable contributions, etc etc etc, is complex, but for what most people do, the EZ is, well, easy. I have had (past) girlfriends who have no clue what they're doing, needing me to do taxes for them. I know 'deduction' and 'gross income' are three syllables, but seriously... I started doing my own taxes (no one taught me) as a HS sophomore when I first started working. Nothing to it. Though we may need to upgrade standards for today's 10th grade publick skool maths first.

3. Again, I think SS should be phased out completely (100% paid off and made optional), but that's a whole 'nother argument, and I need to go refill my coffee. Maybe next time.
26 posted on 12/28/2012 9:06:01 AM PST by Svartalfiar
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To: lacrew

“It seems that once jobless benefits run out, many are suddenly becoming ‘disabled’.”

***

Yes, and it ticks me off. Eventually, benefits will run out for those of us who are truly disabled. And who knows how many legitimate claimants are denied in order to provide benefits to those whose only disability is laziness.


27 posted on 12/28/2012 9:23:16 AM PST by fatnotlazy
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To: brownsfan

We will also get hammered. We will be down to about zero in discretionary money, which will mean we will not have money to spend on goods and services in the economy, nor will we have money to give to charity.

But it’s all good, because 0bama, Timmy, Harry, and their ilk are so much better about making these decisions of what to do with our money. It is just sad for all who will lose their jobs, because people like us can no longer afford to spend any money as we choose.


28 posted on 12/28/2012 9:43:58 AM PST by NEMDF
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To: Responsibility2nd
did anyone notice this?

income ($) current taxes ($) new taxes ($) percent increase
10,000 430.00 635.00 48 %
20,000 1,910.00 2,755.00 44 %
30,000 3,830.00 4,875.00 27 %
50,000 8,065.00 9,629.00 19 %
75,000 15,365.00 18,179.00 18 %
90,000 19,745.00 23,309.00 18 %
100,000 22,742.00 26,805.00 18 %
150,000 37,317.00 43,155.00 16 %
200,000 51,692.00 59,030.00 14 %
250,000 68,192.00 77,030.00 13 %
350,000 101,192.00 113,030.00 12 %
500,000 152,554.00 170,381.00 12 %
1,000,000 327,554.00 368,381.00 12 %

seems the cliff hits those under $50k/yr MUCH more then anyone else.

the left should be required to answer why... especially to those that vote for them

29 posted on 12/28/2012 9:50:08 AM PST by sten (fighting tyranny never goes out of style)
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To: guardian_of_liberty; brownsfan

Agreed, would not count on it one bit. Most of the fools are not only ignorant they are terminally stupid and you can’t fix that with any amount of information.


30 posted on 12/28/2012 10:05:40 AM PST by Sequoyah101
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To: sten
What is really going to hurt is when the cuts in deductions takes you from a current low bracket to the next higher bracket under the old rates. I am barely in the current 10% bracket and I might slide up into a 25% (?) bracket in the old rates. A big chunk of that is lost deductions under Obamacare rules.

Now the amount I pay in taxes is paltry compared to my income, but I don't feel any inclination to pay more anytime soon. Right now the biggest money spending department in the government is HHS. DOD is number three and within a few years we will spend more on financing the debt than we do on defending the country. Why buy more smack for a heroin addict that keeps promising to go into treatment, but they just need one more hit.

31 posted on 12/28/2012 10:54:37 AM PST by USNBandit (sarcasm engaged at all times)
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To: Svartalfiar

I agree...taxes aren’t that hard. Especially if you are a wage slave like me.

Its mostly just follow the directions.

That’s why I think high school students should be taught it. Its a life skill, that will definitely be required in a student’s future...

...of course, as far gone as our society is now, we’d have to pull the teachers out of the line at HR Block, and show them how to fill out the forms first.


32 posted on 12/28/2012 12:35:47 PM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: Svartalfiar

Unless you are Tim Geitner, tax software gives most people the opportunity to easily and accurately do their taxes. Most of them are even free for the 1040EZ! Alas, it does take a little more effort than watching TV so it just isn’t for everyone...


33 posted on 12/28/2012 12:53:43 PM PST by philled (If this creature is not stopped it could make its way to Novosibirsk!)
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