TPC Tax Calculator Shows What Avoiding Fiscal Cliff Means for Taxpayers

By :: January 3rd, 2013

Following Congress’s last minute passage of legislation averting a plunge off the fiscal cliff, TPC has released a new Tax Calculator that lets users examine the effects of the American Taxpayer Relief Act of 2012 (ATRA). As with earlier versions, the new calculator compares income and payroll tax liabilities under alternative scenarios:

  1. ATRA, the tax law that will apply in 2013.
  2. 2012 tax law (with an AMT patch). This is what you paid in 2012, including the now-expired payroll tax cut and a patched AMT.
  3. Pre-ATRA 2013 tax law. This is what you would have paid if Congress hadn’t acted and we’d gone over the fiscal cliff for all of 2013.

(More details on these plans, including their treatment of the AMT and estate taxes, are available here.)

To make things easy, you can look at ready-made examples or create your own case.


a non-elderly childless couple

a couple with a child in college

a couple with two children under age 13

a single person

a single mother with two children

a couple over age 65

Check out our new calculator and see how the different tax plans would affect real families.

18Comments

  1. TaxVox » Blog Archive » TPC Tax Calculator Shows What Avoiding … « Tax Rate Calculator  ::  4:43 pm on January 3rd, 2013:

    […] TaxVox » Blog Archive » TPC Tax Calculator Shows What Avoiding … […]

  2. Economics R Us | Eclectic Focus  ::  9:10 pm on January 3rd, 2013:

    […] TPC Tax Calculator Shows What Avoiding Fiscal Cliff Means for Taxpayers […]

  3. Michael Bindner  ::  9:29 pm on January 3rd, 2013:

    Any modern simulation should include the option of payment through Unemployment benefits.

  4. Tax Roundup, 1/4/2013: How many seconds of federal spending do you cover? And more debris from the bottom of the Fiscal Cliff. « Roth & Company, P.C  ::  9:44 am on January 4th, 2013:

    […] Roberton Williams, TPC Tax Calculator Shows What Avoiding Fiscal Cliff Means for Taxpayers (TaxV0x) […]

  5. Jim Griffin  ::  11:28 am on January 6th, 2013:

    It appears that for high income taxpayers who have traditionally paid AMT that the net effect of the inceased upper tax rate increase will be offset resulting in little or no actual tax increase (compared to what would have occurred if tax rates had remained the same and a traditional AMT fix had been enacted). Is this correct? If so, is it a shift of federal tax liability from taxpayers in high tax states (who are more likely to pay AMT) to taxpayers in low tax states? If this is true it would be interesting for someone to calculate how many taxpayers will actually experience the effect of the upper bracket tax rate increase.

  6. Mason J Krangle  ::  10:14 pm on January 7th, 2013:

    Over the last few months, there has been a lot of discussion of the “fiscal cliff,” and the significant tax increases that many Americans can expect in 2013. No matter what decisions are made, it’s fairly certain that many of them will be short-term fixes and that more tax law changes are looming in our future. Eventually we will have to “tackle” the “meat and potatoes” to get on the right track.

  7. TPC Tax Calculator Shows What Avoiding Fiscal Cliff Means for Taxpayers | About Income Taxes  ::  11:06 am on January 9th, 2013:

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