How Would Falling Off the Fiscal Cliff Affect YOUR Family? Find Out Here!
So much has been said about the “Fiscal Cliff” facing the U.S. in January 2013. How would it affect you and your family? Use this calculator to find out.The Tax Foundation, a non-profit, non-partisan group, has been observing and reporting on tax-related issues in the U.S. since 1937. It was created by a group of businessmen from various political walks of life during the Roosevelt Administration. Federal spending had gone up 170 percent, and these leaders felt the need for a group to monitor and report on federal, state and even local taxes and issues to inform the public.
Since then, the Tax Foundation has issued thousands of reports and information about how your tax dollars are (and could) be spent.
Because of the confusion and so much information about the Fiscal Cliff, the Foundation believed there was a need for citizens to be able to find out at least a close estimate of how the various scenarios would affect their families. We at Newstalk870 believe this is one of the most intelligent and useful ways to look at this situation and see what could happen in January.
We want to emphasize, as does the Foundation, this calculator is only a way of estimating how the expiration of tax cuts, spending hikes or a potential deal will affect what you will pay in taxes. It is not designed to be an official statement to be used for tax preparation, only a way to see how you could be affected.
The calculator doesn’t ask for ANY personal data, information or other private matters. You simply enter your income, tax status (married, joint etc) and other figures such as number of children, investment income and so forth. It will then generate an estimate of what will happen to you tax-wise if we A) go “off the cliff,” B) If the GOP plan goes into effect, or C) what would happen under Obama’s plan.
To see the Tax Foundation’s Calculator, click on the button below.