No matter where you go, everyone is talking about the impending fiscal cliff. That's the convergence of expiring tax breaks and automatic spending cuts that will occur simultaneously on Jan. 1, 2013 -- unless Congress and President Barack Obama can strike a deal to avert it.
How would these expiring tax provisions affect your pocketbook? Bankrate provides a quick way for consumers to calculate how high their tax bill would go up if individual tax rates revert to Clinton-era levels, coupled with the end of the payroll tax holiday. This fiscal cliff calculator is based on an analysis from the Tax Policy Center, a nonpartisan joint venture between the Urban Institute and Brookings Institution.
It's simple to use: Input your gross income, choose how many exemptions you would be entitled to, and select your filing status to get a glimpse of your tax bill under current law versus what it could be if the nation falls off the fiscal cliff.
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