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How Much Will You Pay If We Go Over the Fiscal Cliff? [VIDEO]
With all the talk of the impending “fiscal cliff,” there remains one big question for many Americans: Just how far will we fall? If you’re one wondering just how the fiscal cliff will affect YOU, there’s a website for that.
FOX News Radio’s Rich Johnson is in Washington with the Fiscal Cliff Tax Calculator:
So, you go to taxpolicycenter.org, and choose your income level and status. Then, choose the scenario: Republican plan, Democratic plan or no plan – falling off the cliff. Plug in your income, your deductions, your dependents, a few other items.
So, a couple with two kids not in college, combined income of about $80,000, factor in a healthy amount for day care, no charitable contributions…and under the “fall off the cliff” scenario, that fictional family would see this year’s tax bill of about $19,000 increase to just under $22,000. In other words: $2,700 fewer to spend next year.
In Washington, Rich Johnson, FOX News Radio.
President Obama continues his pitch to the American people for the Democratic plan to avert the fiscal cliff. After meeting with business owners last week, the President met with middle class taxpayers in Falls Church, Virginia on Thursday.
FOX News Radio White House Correspondent Mike Majchrowitz reports from the West Wing:
Visiting a family in Virginia, President Obama warned middle class Americans they could see their taxes go up a couple thousand dollars.
(President Obama) “A couple of thousand dollars means a couple months rent for this family.”
Republicans agree on extending those tax cuts, but also want to extend cuts for wealthier Americans. Senate Republican Leader Mitch McConnell says the President isn’t really interested in any spending cuts.
(Sen. McConnell) “What the President is really interested in is getting as much taxpayer money as he can.”
And Republicans criticize Treasury Secretary Tim Geithner for saying they’d let the middle class tax rates increase if they don’t get an agreement they like.
At the White House, Mike Majchrowitz, FOX News Radio.
WATCH for more on the fiscal cliff: