2012 Fiscal Cliff

The TAX information is too complicated, thanks to Washington Post to simplify this for us. Use this tool (Fiscal Cliff Calculator), based on data from the Tax Policy Center, to estimate how your family would be affected by the Democratic and Republican plans for dealing with scheduled tax hikes — and what would happen if no deal is reached. The math is complicated: The expiration of all or part of the Bush-era tax cuts could have the biggest impact on most families, but the end of the temporary payroll tax and new taxes related to the health-care overhaul mean that most families would see their tax burden increase under any scenario. (2012, Washington Post)