How Much Will Falling off the Fiscal Cliff Cost You?

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.

With leaders of Congress becoming more and more skeptical a deal will be reached before midnight Monday to avoid the fiscal cliff, it becomes more likely American paychecks will get smaller Tuesday, according to a story in today’s New York Times.

“I have to be very honest,” Senate Majority Leader Harry Reid said in the New York Times article. “I don’t know time-wise how it can happen now.” The Senate reconvened today in an unusual session between Christmas and Jan. 1.

Even if the Senate passes legislation, the House of Representatives will not come back into session until Sunday barely 24 hours before the deadline, according to a story today on Politico.

If no deal is reached, a single person with two exemptions earning $50,000 per year will see income taxes increase from $7,103 to $8,551 per year, according to a fiscal cliff calculator published by Bankrate.com.

If you want to know the affect on your income, click here to get to Bankrate.com and the calculator to plug in the numbers specific to you.

Dan C December 29, 2012 at 04:28 PM
The people collecting 99 weeks free money for not working need to be cut off immediately. Are we supposed to pay them indefinitely? It's amazing how weak-minded liberals don't seem to understand basic economic concepts. They never consider that unemployment benefits transfer money from the the productive to the unproductive, and that continuously extending unemployment benefits incentivizes many people to not get a job and support themselves.
RationalTht December 29, 2012 at 06:14 PM
A problem with two years of unemployment is that people are incented to not work. Plus, once they have a two year gap on their resume, employers are less likely to want to hire them. Such a large gap can be a red flag, not always, but enough times that with the amount of people to chose from, an employer is wise to just toss the resume.
McCloud December 29, 2012 at 07:04 PM
Where can I grab the 14% return? I've got my entire life savings ready.
millie December 29, 2012 at 07:41 PM
Sully You rich guys aren't the only ones doing TAX Free investing. Never noticed in IRS Publications where it say this is for extremely wealthy Sully only
McCloud December 29, 2012 at 08:58 PM
They could solve this in five minutes, at least in the house. Leave everything the same. Who are the ones who are demanding alterations?
RB December 30, 2012 at 03:35 AM
It's because Boehner won't let it come to a vote. Some Republican support is all that's needed and he's afraid they might vote for it. It's a power thing. People are waiting in the wings to grab his spot as speaker with Cantor probably chomping at the bits. 400k, estate tax extension, unemployment and extend farm bill....done. Took 3 minutes.
Just Sayin December 30, 2012 at 05:13 AM
McClown... I liked it better when you disappeared for weeks on end after Mitt lost the election. You accuse others of having their minds 'clouded' by politics...yet you are the king of said folly. While defeat looks good on you...you need to go back into hiding.
Vicky Kujawa December 30, 2012 at 10:01 AM
At least Congress managed to give themselves a pay raise.
McCloud December 30, 2012 at 01:16 PM
Sure, I understand, it's tough when your opinions get destroyed every time.
RidgewayVol December 30, 2012 at 02:02 PM
No the raise is a result of an Executive Order issues by the President himself. Facts are important.
RidgewayVol December 30, 2012 at 02:07 PM
Sure, kick the can again. The issue is not really the tax rates, although that's the banner the President wants the press to carry avoiding the fact that there are no balanced proposals on the table. Not one proposal from the administration or Senate leadership has addressed one cent of spending reductions. We do not have a tax rate problem. We have a spending problem.
Vicky Kujawa December 30, 2012 at 02:47 PM
Well they do need spending money for their taxpayer-funded luxury vacations. That was very thoughtful of his majesty.
Just Sayin December 31, 2012 at 01:25 AM
LOL McClown...Funny you ,of all people ,should say that! I remember all your election stands and predictions. Talk about destroyed. LOL. But...I guess that's what clowns do best...make people laugh.
Vicky Kujawa December 31, 2012 at 03:24 AM
The election was obviously rigged, Shyttecago-style........and now America is gonna get F'ed Shyttecago-style, too.
Nightcrawler December 31, 2012 at 03:21 PM
Take your pills, Vicky.
Brad Faxton December 31, 2012 at 03:29 PM
Rigged? Really? Are you feeling ok? Can you honestly look deep in the mirror and truly honestly believe that is true? Oh, and watch the language.
Brad Faxton December 31, 2012 at 03:31 PM
People ***WANT*** to be on unemployment? unemployment is the luxury train? Really?
Brad Faxton December 31, 2012 at 03:33 PM
Oh yea. The gravy train! I do want to be paid that wage vs. my normal working wage.
McCloud December 31, 2012 at 03:36 PM
Rigged in the sense that voters are bought and paid for via unions, welfare, food stamps, green energy, bail outs, etc. It's a virtual candy store for some, they pay with their votes and the rest of us pay with our sweat.
Vicky Kujawa December 31, 2012 at 03:59 PM
Take YOUR pills like a good little Lib beotch.
Vicky Kujawa December 31, 2012 at 04:01 PM
Yes, I most certainly do know that to be true, having had the misfortune of spending most of my life in the Shyttecagoland area....and Shyttecago is EXACTLY what it should be referred to and I will continue to do so. I would call it much worse but I guess this is a family website.
Brad Faxton December 31, 2012 at 04:15 PM
"Flag as inappropriate" pushed on every one of your insane posts.
RidgewayVol December 31, 2012 at 04:18 PM
There are some credible studies (PhD level thesis) being done on the aberrational election results, and not just the "Obama won 100% of the precinct" results. There are certainly some irregularities that need to be addressed before the next national election, as does increased voter turnout. Recall an estimated 46% of eligible voters did not vote in this election. In my mind, that hardly warrants calls for a "mandate", regardless of who won. If my math is correct, only about 27% of the eligible voters affirmatively expressed favor for the President. But I think the evidence will indicate that of that 27%, many different special interest groups provided sufficient turnout (probably based wholly on their issue -unions, gay marriage, anti-war, anti-entitlement reform, etc.) for the democrats to win. So I don't know if "rigged" is the right word, but there were shifts in voting policy that certainly benefited the President's base (same day voter registration, voter caravanning, early voting, no voter ID requirement, encumbrances on military voting, etc). In the future, for the sake of solidfying the country following federal elections, I hope processes are put in place to eliminate the potential for voter fraud. I wonder, if in the current debate if the republicans gave into the tax increases in exchange for a mandatory voter ID system if then the dems would go for it?
Vicky Kujawa December 31, 2012 at 06:26 PM
“Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views.” ― William F. Buckley Jr. Flag THAT, Brad.
Brad Faxton December 31, 2012 at 06:48 PM
"The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men. Blessed is he who, in the name of charity and good will, shepherds the weak through the valley of the darkness, for he is truly his brother's keeper and the finder of lost children. And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy My brothers. And you will know I am the Lord when I lay My vengeance upon you." Ezekiel 25:17.
Brad Faxton December 31, 2012 at 06:48 PM
You have got very deep rooted issues.
Brad Faxton December 31, 2012 at 06:49 PM
Boy do you have some odd spins on reality. Oh wait - you believe Fox News is 100% accurate. Way to go you Republi-CON.
Just Sayin January 02, 2013 at 03:10 AM
Vicky...You are one sick chick. Get help.
Vicky Kujawa January 02, 2013 at 04:14 AM
Liberals are the real problem with this country; 'just sayin'.
Nightcrawler January 02, 2013 at 11:58 AM
That's an insult to chicks and other young poultry everywhere. Especially the sick ones.


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