Businessweek.com:
By Elizabeth Dwoskin
What we know about the so-called fiscal cliff is this: Come January, if Congress and the White House don’t agree on a fix, $607 billion in automatic annual tax increases and spending cuts kick in. What we don’t know is what exactly that means for your wallet.
Fortunately, thanks to the power of HTML and the boundless energy of Washington policy wonks, there are a bunch of handy Web calculators that will do the job. Sort of.
Of the four calculators I looked at, creditcards.com’s Fiscal Cliff Calculator is by far the easiest to use. You just plug in your income, your tax filing status, and boom—the calculator tells you what your tax bill would be if lawmakers can’t get their act together before Dec. 31 and the U.S. goes off the cliff. Under that scenario, the tax bill of a person earning $50,000 and filing as a head of household will go up by $1,635. A married couple earning $80,000 and filing jointly will see their tax bill spike by $3,517.
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By Elizabeth Dwoskin
What we know about the so-called fiscal cliff is this: Come January, if Congress and the White House don’t agree on a fix, $607 billion in automatic annual tax increases and spending cuts kick in. What we don’t know is what exactly that means for your wallet.
Fortunately, thanks to the power of HTML and the boundless energy of Washington policy wonks, there are a bunch of handy Web calculators that will do the job. Sort of.
Of the four calculators I looked at, creditcards.com’s Fiscal Cliff Calculator is by far the easiest to use. You just plug in your income, your tax filing status, and boom—the calculator tells you what your tax bill would be if lawmakers can’t get their act together before Dec. 31 and the U.S. goes off the cliff. Under that scenario, the tax bill of a person earning $50,000 and filing as a head of household will go up by $1,635. A married couple earning $80,000 and filing jointly will see their tax bill spike by $3,517.
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