Tax Calculator shows how tax hikes could affect your pocketbook
By: Stephanie Claytor
Updated: December 31, 2012
If lawmakers fail to come up with a deal, we could fall off the fiscal cliff. That means automatic spending cuts and tax hikes.
President Obama said the average family could pay $2,000 more in taxes. Also, the hikes could affect the Child Tax Credit, possibly cutting the deduction in half.
Here is a link to the tax calculator, where you can see how these hikes could effect your pocketbook.
Directions:
1. Select the category that fits you and fill in your income level.
2. Select the "Patched 2012 law v. 2013 law.
3. On the next page, fill in your income information.
4. Then press calculate tax.
5. At the top, you'll see just how much your taxes could rise, if we fall off the fiscal cliff.
Many in the ArkLaTex are calling on lawmakers to compromise.
"They're supposed to be representing us and most of us are saying you need to make a decision, and just stop the madness, stop the foolishness," said Katina Lane, of Mansfield, LA.
Republicans are shying away from compromising, unless it includes drastic spending cuts. History teacher Edward Allen doesn't agree with them.
"It'd be devastating to the economy to have those kinds of fiscal cuts right now when our economy is so fragile."
If we fall off the fiscal cliff, more than two million people are jeopardy of losing unemployment benefits.
While many are upset with the procrastination in Washington, others say they're not concerned.
"The fiscal cliff has gotten to this point a couple times pretty recently, actually and each time they made a deal, "said Ryan Burton. "I think they're smart enough."
