Fiscal Cliff Tax Calculator – Fun for the whole family

fiscal cliff calculator

While it appears that we are getting close to a resolution on the fiscal cliff, there are still a lot of questions as to what any one of the myriad of scenarios may actually mean for your wallet.

Today, the Tax Policy Center, a joint program by the Brookings Institution and Urban Institute, have released an online calculator that will allow you to see what the bottom line is for you based on your current situation and any one of the possible scenarios for a resolution.  You can access the calculator here.

To get you started as to what to enter into the calculator, and some of the likely outcomes, Yahoo published an article that ran through numerous scenarios to determine the financial impact of the financial cliff for families of multiple income levels, relationship status, number of dependents and age of the filer.

Lower-income taxpayers will not face higher federal income-tax bills because they usually pay no income taxes now and will not face tax bills next year regardless of what happens. They will pay higher Social Security payroll taxes.

It’s an interesting game of what-if and does provide some real insight as to what each of the different plans and options may cost, however, it is purely speculation at this point.  What it does do however, when you look at the results of all of the different plans is reinforce the fact that if Washington does not come to a conclusion then this fiscal cliff may be a nose dive into a bleak time for the country as a whole.

What are your opinions on which alternative plan is the best for the country as a whole?  Leave your comments below.

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About Anthony Candella

Anthony is the founder and Directing Attorney of YourCreditAttorney.com and has been helping consumers just like you understand and improve your credit and financial situation since 2003.