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

Just Sayin January 02, 2013 at 03:10 AM
Vicky...You are one sick chick. Get help.
Vicky Kujawa January 02, 2013 at 04:14 AM
Liberals are the real problem with this country; 'just sayin'.
Nightcrawler January 02, 2013 at 11:58 AM
That's an insult to chicks and other young poultry everywhere. Especially the sick ones.

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