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How Much More Will You Pay in Taxes if U.S. Goes Over the ‘Fiscal Cliff’?

Dec. 26, 2012 8:25pm Jason Howerton

With time running out for Congress to strike a deal and avert the so-called “fiscal cliff” before the first day of 2013, it may be good to prepare for the consequences of failure.

The following infographic from The New York Post estimates how much more in taxes Americans in various income levels would end up paying each year with no “fiscal cliff” deal.

Infographic Shows How Much More You Will Pay in Taxes if U.S. Goes Over the Fiscal Cliff

(Image source: Fox News)

(H/T: Fox News Insider)

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Comments (89)

Aaronman
Posted on December 27, 2012 at 9:39am
I allowed my business license to expire 4 months ago. My annual income increased 32%.

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- Proverbs17-12NLT
  Posted on December 27, 2012 at 10:14am
  The more democrats want to steal, the more I go off the grid. I deal in cash and trades in business as much as possible, and I buy almost everything used off classifieds. With the tremendous savings I buy precious metals, including guns.
  
  Report this comment
- SendTheMeteors
  Posted on December 27, 2012 at 11:44am
  The Bush tax cuts were a temporary (10 year) measure designed to improve the economy. We all know how that turned out. Let them expire.
  
  Report this comment
- Walkabout
  Posted on December 27, 2012 at 12:05pm
  SendtheMeteors
  1 .The tax rate proposed by Bush & passed into law were not meant to be temporary. The 10 year lifespan was the best the Republicans could get given the strength of the Democrats party (filibuster).
  
  2. If the rates have no effect then why did Obama extend them? So the economy would not tank.
  
  3. Blaming the economy on the tax cuts treats the economy (GDP) as an output with only one significant input. If you are arguing that, you are being deceitful or you vaunted education is worthless.
  
  P.S. You can solve problems with 3 ,4 or several variables can’t you? You can’t? Did you merely study socialist “Critical Theory” & its’ derivatives and cannot solve problems mathematically/analytically? Sue your alma mater now! You were defrauded.
  
  Report this comment
- Walkabout
  Posted on December 27, 2012 at 12:23pm
  According to “Send the Meteors”
  
  Low tax rates can kill an economy. If you have a 15 or 20% tax rate instead of a 50% or 75% tax rate the economy dies.
  
  Nowhere does she, he or it, suggest that housing bubbles, tech bubbles or any other bubble could be to blame when the bubble bursts.
  
  For its’ sake I hope they take into account bubbles when they invest, while they make no mention of them in their posts. Hypocritical to be sure. But they got to take care of their own nest egg while at the same time serving their master.
  
  Report this comment
- AUsername
  Posted on December 27, 2012 at 12:35pm
  watch out the pigs might break into your house and shoot you for that.
  
  Report this comment
- naughtycal
  Posted on December 27, 2012 at 1:33pm
  They keep talking about taxing more and saving the economy……are they two polar opposites in the capitalism.
  The economy is based on consumption buy and selling of goods…..IF MORE AMERICANS KEEP MORE OF THEIR OWN MONEY THEY’LL SPEND IT,
  Fact is this isn’t about the “ECONOMY” this isn’t about taxation this is about an over extended BLOATED government that is going down the toilet and trying to drag the entire U.S. financial system with it.
  How about we shut the doors on D.C. states keep all their tax revenues and each state shell out 10 percent solely for the department of defense. All other can be used to fund projects in the states in which they were raised knowing that if they over spend in one area they have to cut in another. Kind of like buying good steaks and cheap beer or visa versa stay on budget at a cook out.
  TAX REVOLT 2013 and AMEND THE CONSTITUTION Time to take the check book from WASHINGTON.
  
  Report this comment
- James
  Posted on December 27, 2012 at 1:59pm
  SENDTHEMETORS,
  You haven’t a clue!
  
  Report this comment
- AlbertMaslar
  Posted on December 27, 2012 at 5:17pm
  Business owners should love this. Family health insurance is projected to run about $1,500 per month. My 5-page 84-point plan to fix it all is anchored by a 3% National Sales Tax on everything by everybody; NO exceptions, and therefore no lobbyists. Lanny Davis published figures in “The Hill” that would provide sales tax of about $4.4 Trillion per year in taxes times three. The first $4.4 Trillion more than covers current budget expenditures. The second $4.4 Trillion would be dedicated to reduction of the $16 Trillion National Debt. The third $4.4 Trillion would go to Universal Medicare that would automatically cover everyone in the country legally and a simplified tax return would have to filed by all, income received or not. All income would be equal with NO special treatment or exemptions, that would be supported by a new Tax Table applicable to all individuals, business, corporations, charities, education, religious organizations, foundations, and even government whose 3% would go toward debt reduction and automatic budget cuts. Income taxes would be cut with a maximum graduated 20% rate. that would result in JOBS-JOBS-JOBS and TAXES-TAXES-TAXES. Take that China and the rest of the job snatching world.
  48. Effective tax rate on Taxable Income of $100,000 2.74%
  Effective tax rate on Taxable Income of $1 Million 7.47%
  Effective tax rate on Taxable Income of $1 Billion 19.88%
  Request the full 5-page 84-point plan from Albert Maslar CPA (Retired): albertmaslar2@gmail.c
  
  Report this comment
- TheBattman
  Posted on December 28, 2012 at 3:42pm
  SENDTHEMETEORS – Actually, the so-called “Bush Tax Cuts” did spark the economy that was beginning to falter near the end of the Clinton administration. Things clicked along until 9/11, and even then, the post attack recover was aided by the lower tax rates. Indeed, things continued until the Democrats won control of CONgress at which point, many things began to crumble in the economy (not the least of which – an abandonment of passing an actual budget).
  
  Report this comment
woodyee
Posted on December 27, 2012 at 9:23am
Do you really expect balanced budgets from a group of thieving animals that have legalized insider-trading for themselves, while putting folks in 50 States in jail for the same?

A group that exempts themselves from many of the laws they write AGAINST us, including Gaybama-care?

A group whose many members go in paupers and come out multi-millionaires? (eh, Charlie Illiterate Rangel?)

A group to whom taxing the rich means EVERYONE but themselves?

A group who votes for it’s own pay raises and funds it’s own retirement at taxpayer expense, taking it, in many cases, after serving just ONE TERM in office?

No! What they need is a taste of street justice. Those clowns, acting as primadonnas on our dime, hired by US, act as our RULERS. YOU may want to be ruled (most Libs need others to take care of them), but not me!

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- plindo
  Posted on December 27, 2012 at 9:04pm
  U r right on target!
  
  Report this comment
watashbuddyfriend
Posted on December 27, 2012 at 9:10am
Why not join me with my FAIR TAX idea?

Tax Gross Income, no deductions, or exemptions. No exemptions put a stop to illeg children….

Get the Government out of the Bookkeeping business.

A Fair Tax Rate would be between 1% and 19%. I say 10% is fair.

The more you earn, the more you pay; fair enough?

After Eight, Must Vacate, maybe, even after Four; this shall apply to ALL three Branches: E. L., and J.! Put a stop to the ‘going along to get along!’

Remember Corporations do not pay taxes (yes, they do collect, but pass it on to the Fed for Abuse, and Misuse), but, they can add it to the price of Goods and Service which you pay when you purchase those Goods or Service.

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- kevinthewriter
  Posted on December 27, 2012 at 10:35am
  There is already a FairTax plan. Go to fairtax.org It’s a great plan. It taxes consumption above the poverty level. It eliminates payroll and income taxes. You pay your taxes at the register in the form of a sales tax. It eliminates the capital gains tax, the estate tax, and the IRS. It will bring jobs back to America and it forces the current tax evaders to be tax payers. Millions of dollars have been spent researching this plan over the past decade. Leading economists support the plan. It’s a bipartisan plan that many in congress have sponsored or pledged their support. The problem is, it would take away the power from corrupt politicians,lobbyists, and the parasites who thrive off the current code. The Fairtax would revolutionize D.C. We just need to get more people making noise by calling, writing, or emailing congress. The website explains in more detail and even helps you contact your congressmen and women. Please visit the site and spread the word.
  
  Report this comment
Leslie Anne
Posted on December 27, 2012 at 9:02am
$1,238 more in taxes is almost as much as my property tax bill for the entire year….or, almost three-and-a-half house payments.

:(

I don’t wanna share my money. MINE!

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- brewers97
  Posted on December 27, 2012 at 9:07pm
  Lucky you dont live in New York Stae.
  My house is assessed for 100k………property taxes equal $4,350/yr
  
  Report this comment
Becks_Art_Obama_In_PeePee
Posted on December 27, 2012 at 6:34am
“How Much More Will You Pay in Taxes if U.S. Goes Over the ‘Fiscal Cliff’?”

Fiscal Cliff? Are you people so clueless?

100 years of progressive communism (“Progressives” … get it?) has fed us the poison of socialism piecemeal. But there is no free meal. Over all that time, the Obamas of Washington DC have hidden our debt with borrowing and deficit spending.

We’re broke!

They have spent ALL our money through deceit (did you know that there has been NO BUDGET from Congress for years but they are still spending? can you say unConstitutional? can you say treasonous?). Our bill is coming due and our foreign debtors, with their troops (bill collectors), will show up at our door to claim THEIR property in lieu of our non-payment.

America, invaded by traitors from within, conquered without a fight.

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- joey g
  Posted on December 27, 2012 at 7:22am
  right on…well said
  
  Report this comment
- SlushPuppyKing
  Posted on December 27, 2012 at 7:50am
  Exactly! There is no turning back now. When “it” happens it will happen very fast. Those morons might try to make a desperate move and increase taxes on everyone by a large amount and cut entitlement programs but by then it will be too late.
  
  Might as well save your money now. Take your tax money and invest in food storage, guns and ammo.
  
  Report this comment
- dcatkin
  Posted on December 27, 2012 at 8:32am
  Well this is all a load of ****. neither side is trying to stop it form happening. I think it’s a plan to bring the country down. You know martial law gives the sitting president reason to stay in office until it is over.
  
  Then what about the NDAA, Obama is a peice of crap, and a republicans aren’t much better. They are all trying to kill this country, they just wnat to do without it looking like it’s their fault.
  
  This fiscal cliff is a load of ****.
  
  Report this comment
SlushPuppyKing
Posted on December 27, 2012 at 4:39am
I’m going to start filing my taxes but not actually send the check. I’ll write the check and put it on my coffee table and send a picture of it to the IRS with a note saying “I got the check all set and ready to go, just simply balance the budget, stop wasting my money, no more foreign aid, and no more perpetual war. Get all that handled and the check will be in the mail first class”

If every American did this I promise you they would get their act together REAL fast. But too many people fear the government to actually make such a bold move.

I’m glad I don’t fear the government in any way at all. I’m a responsible citizen with a great job and lots to lose but I sure as hell won’t let that stop me from being a true American and not fearing this loathsome government we have now. The only power we have left is taxes so let’s stop wasting time with group gatherings and picket signs people. Just don’t send them the check and instead send a REAL message to these idiots!

WHO IS WITH ME!?!

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- loriann12
  Posted on December 27, 2012 at 6:50am
  I say we turn back the clock to when taxes were first instituted….wasn’t it a flat really small percentage? According to Wikipedia: “In 1894, Democrats in Congress passed the Wilson-Gorman tariff, which imposed the first peacetime income tax. The rate was 2% on income over $4000, which meant fewer than 10% of households would pay any. The purpose of the income tax was to make up for revenue that would be lost by tariff reductions.” so, let’s tax the top 10% with a tax rate of 2%. That means we have to figure out what the top 10% earns.
  
  Report this comment
- SlushPuppyKing
  Posted on December 27, 2012 at 7:39am
  I’m interested in discussing any option that takes less of OUR tax money and forces them to do more with less, same with less, or less with less (foreign aid, bloated military, etc.). Because as it stands now they can just keep raising the debt ceiling or increasing our taxes…..none of which teaches to actually be responsible with the money they get. It’s a limitless credit card to these idiots.
  
  There is only one way to stop them and it’s not by being patient and hoping for them to sort it out. It’s also not town hall meetings or protests.
  
  What do you do to a shopaholic when they can’t help themselves? You take away the credit cards and cut them off that’s what! Don’t send in the checks folks, let’s cut these SOB’s off!
  
  Report this comment
- Ar-shooter
  Posted on December 27, 2012 at 10:55am
  I agree, I am claiming the max deductions this year, and I’m keeping all of my paychecks throughout the year then at the end of the year if they have not done their jobs, too bad they don’t get any money!
  
  Report this comment
- Walkabout
  Posted on December 27, 2012 at 1:14pm
  Ar-shooter
  
  Go ahead claim all the deductions. Just watch out for the alternative minimum tax (AMT) They don;t index that for a reason.
  
  Report this comment
- nana2two
  Posted on December 27, 2012 at 2:31pm
  I am, 100%. This fiscal cliff has been planned for months with the intention of letting it happen and blaming the Rep. for the failure. Check out the Canadian Free Press and read what they say. Our government has no control of the truth there.
  
  Report this comment
- Glennda
  Posted on December 27, 2012 at 4:03pm
  LORIANN12. . . You’re part of the 47% who don’t pay any federal income tax. And you get government disability checks. That I pay for. What do you care what taxes we pay?
  
  Report this comment
- smv803
  Posted on December 27, 2012 at 7:47pm
  That would be interesting indeed! We shouldn’t wait until April 15. Balance the budget, you’ll get my check….brilliant!,
  
  Report this comment
Fla.Patriot
Posted on December 27, 2012 at 2:57am
I do not like this Uncle Sam,
I do not like his health care scam,
I do not like these dirty crooks,
Or how they lie, and cook the books.

I do not like when Congress steals,
I do not like their secret deals,
I do not like ex-speaker Nan,
I do not like this “YES WE CAN”.

Ido not like this spending spree,
I’m smart, I know that nothings free.
I do not like their smug replies,
When I complain about their lies.

I do not like this kind of hope.
I do not like it. Nope, nope, nope!!!

Merry Christmas Blazers

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- balrog25
  Posted on December 27, 2012 at 11:46am
  Very cute. Thank you.
  
  Report this comment
- cornbread
  Posted on December 27, 2012 at 4:46pm
  since it rhymes, maybe the low information voters can understand it.
  
  Report this comment
pennx300
Posted on December 27, 2012 at 12:31am
Where is the president oh yeah Hawaii. Around 100k per day. John boehner should tie that budget to the defense. Budget cuts

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pennx300
Posted on December 27, 2012 at 12:18am
Let me guess under 50k per year. Has been omitted for Clairity. I can’t wait for
My new tax bill . 16.4 trillion.in debt . Four more years. And the genius is in Hawaii?

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Raging_Waters
Posted on December 27, 2012 at 12:17am
Why don’t all/most of the makers claim Exempt? Hand the bill to the bums for a change. No money, no power.

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mwhaley
Posted on December 27, 2012 at 12:02am
Not voting has it’s consequences. Those that did not care to vote to get these people out, guess what? I am to the point I do not care any more. If it gets to the point where I cannot pay my taxes, then put me in jail along with the other hard working Americans that also cannot pay.

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- decendentof56
  Posted on December 27, 2012 at 12:26am
  Haley….Yes, voting does have its consequences, doesn’t it?
  Let us go over the cliff. The Dems have refused to submit a budget for 4 years.
  The GOP needs to make their case and explain what Obama would not cut . My problem with the GOP is that they can’t seem to make their case to Americans. Always being accused with no full-proof rebuttal.
  
  Report this comment
- loriann12
  Posted on December 27, 2012 at 6:52am
  Obama wants to go over the cliff. Once everyone knows what he wants them to know (that the Republicans are responsible for their tax hike), he’ll cut taxes and call them the Obama tax cuts. He is SOOOOO tired of hearing the extension of the Bush era tax cuts.
  
  Report this comment
Tigress1
Posted on December 26, 2012 at 10:31pm
Everyone needs to look at that chart and imagine what they could do with that money if the gov. wasn’t taking it from them. Next, imagine that money being spent to study shrimp on treadmills, or to throw parties by the GSA. Even if you worked for the government, wouldn’t YOU rather spend that money than your employer?
Republicans in Congress, if you cave and give in to raising our taxes (AKA wasting MORE of our money) because you are afraid that you won’t be re-elected, then you are making a BIG mistake. You WILL get re-elected if you stand firm, but you will be in the unemployment line if you surrender your values of fiscal conservatism.

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taintso
Posted on December 26, 2012 at 10:31pm
That should be an easy question to answer “0″ do it the Obama way quit work and let the government workers support us, after all the government creates everything. Most of us have worked to produce wealth for this nation, now is the time when the non-producers should support us? Money has no value and things that do like food and guns and ammo do have value. And that is what they will come after.

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mary841
Posted on December 26, 2012 at 10:21pm
Bring it on!!! What we need is a revolution and surely this will do it!

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charles116
Posted on December 26, 2012 at 10:05pm
It’s Boehner that want ALL Bush tax cuts to expire, not just those for the rich.
Try to remember that.

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- Tigress1
  Posted on December 26, 2012 at 10:45pm
  Well, isn’t it only FAIR that if one person’s taxes go up they ALL should go up?
  
  “All for one, and one for all.”
  
  If what you say is true, then all Progressives should love Boehner!
  
  Report this comment
- RJJinGadsden
  Posted on December 27, 2012 at 9:26am
  DORA, Don’t you mean back to the Clinton tax plan initiated and perpetrated in ’92? The very first bill that he signed into law, and the first time taxes were collected on Social Security payments. That’s supposed to be your time of Nirvana, isn’t it?
  
  Report this comment
- smv803
  Posted on December 27, 2012 at 7:54pm
  RJ….love your avatar….I’m getting a tee-shirt with that logo on it. The one I have says O Crap! Can’t wear it out.
  
  Report this comment
Stelex
Posted on December 26, 2012 at 9:31pm
Stop sending them money. We all sit here and say how much it sucks……stop sending them money. Max out all exemptions. Save the money. When the time comes file for an extension. Push it off as long as you can. Then pay it. If everyone on the blaze and anyone you could convert would do this, we would have a leg to stand on. If not……..Keep talking…..see what that gets you. Our money is what they live on. STOP SENDING THEM YOUR MONEY. Look up your options, take control. They have, do you want it back????????

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- pinchanze
  Posted on December 26, 2012 at 10:35pm
  That is exactly what needs to be done. That is what I am doing.
  
  Report this comment
ep8568
Posted on December 26, 2012 at 9:22pm
BLUEHEN…

Time for reflection, if you please
In observance of your raging mental disease
We are sorry that your dad walked out when you were three
But, it’s tough for the husband when his wife turns tricks FOR FREE !
Just go away now….. and let us be !

Blaze Community

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NO_MORE_OBAMA
Posted on December 26, 2012 at 8:56pm
If Obama care was so damn good. Why did he exempt 1000 of his buddies who own businesses and pro democratic unions?

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- RJJinGadsden
  Posted on December 26, 2012 at 9:02pm
  Oops, meant to link this version. The thought really fits with 0bama’s view of himself.
  http://www.youtube.com/watch?v=9z6zEHG_qQU
  
  Report this comment
- dcatkin
  Posted on December 27, 2012 at 8:35am
  A better question might be why isn’t congress froced to take Obammy flair, why doesn’t Obama take it for himself if it’s such a great thing.
  
  Report this comment
RJJinGadsden
Posted on December 26, 2012 at 8:54pm
This will be the act of the average American citizen followed by the typical governmental bureaucratic reaction.
http://www.youtube.com/watch?v=sZrgxHvNNUc

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The_Almighty_Creestof
Posted on December 26, 2012 at 8:46pm
I don’t want to pay these new taxes…but as long as Boehner tells Obama to shove it every second of every day, until they actually cut spending…I’ll make do.

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- SCREW-WINDOWS
  Posted on December 26, 2012 at 9:11pm
  Just riding the waves on the sea of debt someday we may find shore.
  
  Report this comment
The_Almighty_Creestof
Posted on December 26, 2012 at 8:44pm
Great…add to this that Walgreens is cutting my pay by 25% in March. I guess I’ll have to look for a 2nd job with VERY flexible hours…or start collecting receipts I can save to take off my new taxes.

I wonder how much it would cost me to have 1000 buttons made up that say “Thank you for spending MY money responsibly”…I doubt the EBT users buying nothing but candy/ice cream/chips/soda pop will get the message though.

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- Xiccarph
  Posted on December 26, 2012 at 8:59pm
  To add more icing to the EBT cake, in my state, Minnesota, and probably others, EBT/food stamp users are exempted for sales taxable “food” items, like pop, candy, etc. Big food markets adjust for this at their pre-programmed checkout lanes, but small shops are driven nuts by irate EBT users if they forget to subtract the sales tax amounts. Your tax dollars at work, people; fair and equitable for the privileged.
  
  Report this comment
- The_Almighty_Creestof
  Posted on December 26, 2012 at 10:15pm
  Wow! Exempt from “food” tax? Now that is bad!
  
  BTW, I note that Honeyville Farms takes EBT cards…I can only hope that there are some honest people out there on EBT who are at least taking advantage of this and setting some food back.
  
  Report this comment
soybomb315_II
Posted on December 26, 2012 at 8:42pm
Yes the economy will tank if taxes go up….But the american people must understand the real cost of current government spending.

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- Walkabout
  Posted on December 26, 2012 at 8:57pm
  Without the rollback of thew new rate the Democrats want to impose, the economy still would have slowed due to ObamaCare taxes.
  
  Report this comment
- integrican
  Posted on December 27, 2012 at 12:05am
  Taxes related to OBAMA-CARE will cost the 50K p/yr earner about 5k more per year. Add to that an additional 5-7k p/yr. in health care insurance premiums that will be/are/have coming and you can see what is in store. Speaking of stores, it is also estimated that food prices will increase 12-15%!!
  
  CAN YOU HEAR ME NOW!!!
  
  Report this comment
Walkabout
Posted on December 26, 2012 at 8:41pm
Obama send in negotiations that he had no intention & no desire to cut spending. So with the increased taxes/revenue, we will still have a deficit adding to the debt which we will not be able to outgrow via growing the GDP.

obama needs to be impeached now.

We need transcripts of the negotiations.. We need to publicize them. We need to impeach Obama for fiscal malfeasance. That certainly is a high crime & misdemeanor given its’ magnitude.

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graceunderfire
Posted on December 26, 2012 at 8:30pm
Great news, now I can give the government more of my money to waste. I have to live within my means, why don’t they?

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Snowleopard {gallery of cat folks}
Posted on December 26, 2012 at 8:27pm
Mind you that is just the direct taxes w/o Obama-care and all the other fees, duties, taxes and fines that will be passed on to the consumer.

All of you who voted for Obama, welcome to the disaster you so wanted.

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- SCREW-WINDOWS
  Posted on December 26, 2012 at 9:07pm
  Democrats Creed
  If there is no law create one.
  If there is no tax create one.
  
  Report this comment
- Coutureking
  Posted on December 26, 2012 at 9:11pm
  Don’t be silly snowleopard. The ones that voted for him don’t pay taxes, they are collecting our tax dollars through all the entitlement programs.
  
  Report this comment

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