Skip to comments.A Fiscal Cliff Calculator - How Much MORE Will You Pay in Taxes?
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.
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
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.
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.
Wouldn’t count on it.
$192 less per pay period - crap!!!!!!
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.
This puts things into a much better perspective as to the present economic situation though the numbers are probably out of date and it took a person from Canada to do it !!!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 ?????
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?
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.
“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.
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.
I’d like to do a Facebook ‘Like’ to your post, eh.
it is actually quite sad, but I couldn't help but delight rubbing it in.
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.
“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.
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.
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???
$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?
“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. :)
It seems that once jobless benefits run out, many are suddenly becoming ‘disabled’.
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 $500 per child, as current levels of the credit are reduced.
We’re this  much over the poverty line and this  much ineligible for gov freebies but we’ll be paying 62% more in taxes than we are now?!? How the bleep is that possible? There is no more blood in the stone.
Ah yes. I see them at Walmart
But the new generation of SS Disability fraudsters are not necessarily too fat to walk. They are ‘bi-polar’.
Heck, the internet is the new ‘back of the phone book’:
Just call the 1-800 number and they’ll get you started.
“It seems that once jobless benefits run out, many are suddenly becoming disabled.”
Yes, and it ticks me off. Eventually, benefits will run out for those of us who are truly disabled. And who knows how many legitimate claimants are denied in order to provide benefits to those whose only disability is laziness.
We will also get hammered. We will be down to about zero in discretionary money, which will mean we will not have money to spend on goods and services in the economy, nor will we have money to give to charity.
But it’s all good, because 0bama, Timmy, Harry, and their ilk are so much better about making these decisions of what to do with our money. It is just sad for all who will lose their jobs, because people like us can no longer afford to spend any money as we choose.
|income ($)||current taxes ($)||new taxes ($)||percent increase|
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
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.
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.
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.
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...
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