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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 that a deal will be reached before midnight Monday to avoid the fiscal cliff, it becomes increasingly likely that 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 effect on your income, click here to get to Bankrate.com and the calculator to plug in the numbers specific to you.

NotBuyingIt January 03, 2013 at 12:57 AM
Mike F., although you are correct about "family farms" being forced out of business by the larger Monsantos of the world, you are not correct about them being a "myth", there are still many of them around. This is data from the last census: Very large family farms (101,265) grossing over $500,000 Large family farms (86,551) grossing between $250,000 and $500,000 Small family farms (1,925,799) grossing under $250,000
Stones January 03, 2013 at 01:04 AM
NotBuyingit, I've been a Republican my whole life, a moderate one and I just voted for a Democratic predidential candidate for the first time ever. My first vote was for Reagan in 1980. The problem is, the Tea Party has pulled the GOP far right and have relied on BS and lies like the birther nonsense. On top of that, they couldn't even slate a decent candidate we could rally around. Romney was not the right guy and he was pandering to whatever audience he was in front of seemingly forgetting we would all see it eventually in our 24 hour news cycle. Too far right and too far left are dangerous places. It seems the far right is worse.
Mike Fangman January 03, 2013 at 03:16 AM
FYI, they have gay marriage (or, as they call it, "marriage") and government-funded healthcare.
Frank Rizo January 03, 2013 at 08:09 AM
http://www.tomwoods.com/blog/lets-abandon-the-constitution-says-professor/ [one comment from the article above (in response to a certain 'Constitutional scholar', one prof. seidman) : "I'll go out on a limb here and agree with getting rid of the Constitution then we have no federal government. They will have no legal right to collect one cent of taxes so they will cease to exist and all the crap they are into like the private federal reserve bank. States will have to negotiate with each other. We can work it out. Bring back the Articles of Confederation?"] Here! Here! I'm hearing NYT aren't even allowing citizens to comment on this traitorous piece. Also ref'd at 0-hedge, where I first caught it earlier tonight. Beyond belief!
Wheaton Watcher January 09, 2013 at 02:11 AM
So, despiser, do you receive social security? One of your parents? A child? Do you work at a company that has government contracts? Your spouse? Your parents? If you answered yes to any of these questions, then YOU are part of the problem, receiving government largess and all..

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