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View Diary: What the fiscal cliff means for the middle class (54 comments)

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  •  Does anyone have a tax calculator (0+ / 0-)

    which would show us what the effect on salaries would be?  If I understand it right, we're talking about both a raise in the marginal rates as well as the end of the payroll tax cut, so those are two things that would need to be considered.

    "Believe nothing, no matter where you read it, or who said it... unless it agrees with your own reason and your own common sense." -The Buddha

    by Brian A on Fri Nov 16, 2012 at 11:13:56 AM PST

    [ Parent ]

    •  Anyone who has young children (0+ / 0-)

      and has an income above the EITC level will see their taxes go up by $500 per child, for starters. Many of the "47%" will find themselves owing federal income income tax even though their income and deduction eligibility have not changed.

      "All governments lie, but disaster lies in wait for countries whose officials smoke the same hashish they give out." --I.F. Stone

      by Alice in Florida on Fri Nov 16, 2012 at 08:57:03 PM PST

      [ Parent ]

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