What will going over the so-called ‘fiscal cliff’ cost you?

There is an app for that.

Americans will see a steep jump in their tax bills starting in January 2013 unless lawmakers reach an agreement to soften the impact of expiring tax breaks — known as the “fiscal cliff” — by the end of 2012. But just how much of an impact will that be?

Based on an analysis of tax rates by the Tax Policy Center, this calculator computes a combined bill for federal income and Social Security taxes. Type your income, select your exemptions and filing status and hit “calculate” for an estimate of your tax bill under current rates, and rates as they would rise in 2013.

Give it a try here.

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21 Responses to What will going over the so-called ‘fiscal cliff’ cost you?

  1. R.D. Walker says:

    My federal taxes increase 23.3%.

  2. Uke says:

    21.7% here.

  3. RJ says:

    Bump my tax theft from 19,515 to 25223, not sure how to calculate % of increase.

    But I would have to work Jan thru March just to make enough to pay the tax theft

    That just pisses me off.
    1/4 of the time I am working is just to pay theft by gov tax.

  4. Bman says:

    RJ- I believe that’s a 23% increase.

  5. R.D. Walker says:

    Divide the difference by your current amount. That is a whopping 29.2% for you.

  6. R.D. Walker says:

    Hmmmm… Who is right? Me or the math teacher?

  7. Bman says:

    I just eyeballed it, RD. I could be wrong. Although not likely ;)

  8. RJ says:

    woof…now I am really pissed, and by the way thanks for the math reminder, I barely passed math in HS and cant remember any of the formulas except A squared + B squared = c squared… use it for making nice square corners when building stuff bigger than a framing square…. :-)

  9. R.D. Walker says:

    5,708 ÷ 19,515 = 0.292492954

    Right?

  10. Bman says:

    There ya go. I go up 20.3%

  11. R.D. Walker says:

    If you are single and making $15,000 a year and only have yourself as an exemption your taxes go up 48.7%!

    This would be my daughter at the University of Iowa. Point this out to your roommate Pumpkin.

  12. notamobster says:

    So everyone’s gonna pay “their fair share”? :-)

  13. Bman says:

    A single guy who makes 27 million will only see his taxes go up by 13%! That’s an outrage! I demand an investigation! Mine went up 20.3%! How can a millionaire pay a lower percentage than me! They don’t pay their fair share!

  14. Locke n Load says:

    Well doesn’t it just figure. Mine will jump between 25-33% depending on annual variations.

    For the record, a flat 17% tax would have almost the same effect on my rates. However, a flat tax would raise a ton more from the population as a whole and could go a long way to straightening out the deficits assuming spending was reigned back in to 2008 deficit levels.

    Of course neither is going to happen. We get to pay thru the nose for less and less until the whole thing goes kablooey.

    Bring on the kablooey!

  15. Greg B says:

    ^^^^
    This.
    Although it scares the hell outta me.

  16. iahawkeye19 says:

    She doesn’t understand economics in the least, it would do no good. People who don’t understand economics should not be allowed to vote…

    My taxes will increase around 44%. Remember, much of Obama’s campaign was directed at college students.

  17. RUDE JUDE says:

    I’m in a “DINK” situation and am so pissed…again.

  18. R.D. Walker says:

    “People who don’t understand economics should not be allowed to vote…

    That’s my girl!

  19. Uke says:

    Your daughter has it right, RD. And still at a young enough age to put the right foot forward.

    This all gets back to that Heinlein-based discussion we had a while ago. More than ever, I’m dead serious about awarding voting rights to people based on some determination of “merit.” Mob rule democracy clearly doesn’t work with creatures that care more about bread and circuses than economics and history.

  20. Locke n Load says:

    Uke, i’ve often suggested something like that. Specifically, the test immigrants take for citizenship.
    Amounts to a literacy test tho. Still, 1 man 1 vote isn’t guaranteed anywhere in the constitution

  21. A Guy says:

    Between 30% (2 dependants) and 34% (0 dependants) difference. That’s not cool at all.

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