The Tax Foundation has just released an updated version of its Tax Policy Calculator which reflects the new fiscal cliff compromise bill that passed the house last night and will presumably be signed by the President very soon.
Once you’ve filled out the information, there are three columns showing your 2012 tax liability, what you will pay in 2013 (provided President Obama signs the compromise bill), and what you would have paid if we had gone fully “over the cliff.”
Nearly everyone will see a slight increase from 2012 to 2013 because of the expiration of the payroll tax holiday, but everyone will pay less than if Congress had done nothing.
The Tax Foundation’s Tax Policy Calculator is available here.
For more continuing updates on the Fiscal Cliff compromise bill be sure to check out the Tax Policy Blog.
This calculator allows you to compare your federal tax burden under three scenarios – what you paid in 2012, what you’ll pay this year as a result of the January 2nd Fiscal Cliff Compromise, and what you would have paid had the country gone fully “over the cliff.”
The Tax Foundation is a nonpartisan research organization that has monitored fiscal policy at the federal, state and local levels since 1937.