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

BUTCH January 1, 2013 at 01:18 am
Frank I wish I had said what u wrote on the big's Thanks happy holidays
BUTCH January 1, 2013 at 01:36 am
These are the better schools of Chicago in ghettos where they have a police presence nut the smart parents bring their kids to a relative in the burbs where the corrupt principles, Deans and attendance-truant officers help turn the schools and then towns into more ghettos by visiting the house next door rather than the address they have their imaginary residence in.
Despiser of Obama January 1, 2013 at 01:49 am
And how many of the 44% of the CPD Hispanic students are illegal and going to school on our tax dollars?
Stones January 1, 2013 at 01:51 am
Vera, what the hell does that have to do with the fiscal cliff? You are so predictable, no matter the topic, you have to throw this crap in.
Despiser of Obama January 1, 2013 at 01:57 am
Stones it goes to show how stupid Obama is when he speaks and is stupid to be President too!
Frank Rizo January 1, 2013 at 03:00 am
And back at you Mr. Butch, just slipped out to the local grocery store, picked up a 6'er of Founder's 'Dirty Basterd' (wanted the 'Breakfast Stout', but at 8.3% abv and only a 4-pack, opted for the 'Basterd' as it is 8.5% abv and economically sound, at least I'll start the new year on a good leg..) and would ya know it, the dang self-checkout machine WOULDN'T accept my 1963 90% silver FDR (da*n commie basterd!) dime. And I had exactly $9.11 to my name, gladly put that silver dime into my safekeeping's wallet.
(Guess it is worth a whole $2.10 in silver, nice! My trouble is I had all my money invested in high-end electronics, much of which I had liquidated to fellow audiophiles earlier this year [boating accident? seen that pic of the guys in the swimming pool with the radio and 6-banger hooked up on slippers? LOL, that was me!], still keeping the 80's Japanese NAD amp [sucker has some juice! went through a couple speakers/woofers already yet] and was late coming to PM's, but better late than never, Mmm-Hmm, I know that's right, i'n that right, fellow American?) Just straight blues all nite long here at this homestead, probably 'til 4am maybe slip a little jazz and it was Hendrix which busted my last Dynaudio woofer, surefire woofer test if ever there was one. Enjoy, Frank.
Frank Rizo January 1, 2013 at 03:17 am
http://www.zerohedge.com/news/2012-12-31/senate-reaches-agreement-cliff-deal-vote-come-debt-ceiling-left-untouched
Ain't it funky now? Our CONgress and KOTUS (Kick-the-can-down-the-road Of The United? States) loves us, can you feel the love? Can you?? I'm sorry, I sure don't feel it. DoO, F! it, may as well legalize the herb here in IL, let the 'illegals' put their energy and talent to good use and produce something of good use. Short the Cartels, short HSBC, overgrow the bankrupt NYSE, and soon to be NASDAQ (i guess volumes are real low, $150 billion has disappeared from NYSE in last few years, Mom+Pop retail exiting, stage left, and good for them!). They always speak to us about 'free market' principles, but try to put it into practice, and we know the score. (Could be a legit stock instead of a maintaining of status quo, keeping the shadow stock market/government gravy train going at all costs. Let it all burn down, I say. 'ring ring, barbarians at the gate. Let them in!' Nero & his fiddle.) They seem to be doing a fine bang up job of it themselves, have some more rope, bi(t)chez! More rope, make it hemp! That'll be enough, regards, Frank.
Despiser of Obama January 1, 2013 at 04:19 am
I wonder if BUTCH and Frank are alter egos???
Frank Rizo January 1, 2013 at 04:27 am
Would that turn you on or make your whistler's dixie some? Whatever the case, I'm here to oblige, as Lennon says, "satisfaction guaranteed", come, get your tickets! Step right up! And the same, as ol' Phil says, "I don't care anymore!". I live in Oak Forest, not sure about Butch. Damn find drummer, however. Who cares, check out 'Who Cares' tune entitled, 'Out of My Mind'. You shall get a glimpse of MY alter egoes. F'n who cares, right. Enjoy, Frank.
Independence666 January 1, 2013 at 03:18 pm
That's a great idea BUTCH. As long as we take Federal spending back to the levels they were at during those administrations as well.
BUTCH January 1, 2013 at 05:11 pm
Why waste good hemp on humps? A lot more than 150 B has vanished from IRAQI and AFGHAN C-130'S FLOWN by BLACKWATER and other Patriots who are the new millionaires and billionaires unlike the grunts in the military the Helliburton and Blackwater contractors will not have a glove laid on them
BUTCH January 1, 2013 at 05:14 pm
ahrat a tat tat tat I live south of the Bengals
wiu85 January 1, 2013 at 07:25 pm
Suzanne, I am not optimistic at all, and agree with your comments about additction to stuff. At this time I am very discouraged with what is happening and have a great fear of what is to come.
Despiser of Obama January 1, 2013 at 07:41 pm
This is so funny and true of our louse of a President!!
http://photos-g.ak.fbcdn.net/hphotos-ak-ash3/542153_518601391494236_256075306_n.jpg?dl=1
Despiser of Obama January 1, 2013 at 09:12 pm
And I live in one of the best Cities in Illinois! Hurrah!
Despiser of Vera January 2, 2013 at 12:16 am
Pete, the "family farm" is pretty much a myth these days. Big Ag companies like Monsanto have forced them out.
Despiser of Vera January 2, 2013 at 12:24 am
DoO, if you told me it was going to be sunny I'd bring an umbrella.
Stones January 2, 2013 at 02:39 am
Not buying it, Dems will never stop voting for Dems? But Repubs will vote for Dems? Which Dem candidate did you vote for recently?
Stones January 2, 2013 at 02:52 am
Since when are Presidents or candidates required to release college transcripts? Because he's won two elections the rules have changed. You far right loonies just keep grasping at straws because that's all you have, that and flat out lies?
Why didn't Romney release his tax returns and off-shore investment portfolio?
Despiser of Obama January 2, 2013 at 03:30 am
 Republicans And Democrats
We read all the jokes and forward the good ones but I just wonder who will pass this one on.How about you sending it on and back to me if you got the guts to do so.I am and just wonder how many I will get back?AND very happy to be of the 1%. Someone please tell me what the HELL's wrong with all the people that run this country!!!!!!  Both Democrats and Republicans   We're "broke" and can't help our own Seniors, Veterans, Orphans, Homeless, Etc.,??????????? In the last years we have provided direct cash aid to Hamas - 351 M, Libya 1.45 B, Egypt - 397 M, Mexico - 622 M, Russia - 380 M, Haiti - 1.4 B, Jordan - 463 M, Kenya - 816 M, Sudan - 870 M, Nigeria - 456 M, Uganda - 451 M, Congo - 359 M, Ethiopia - 981 M, Pakistan - 2 B, South Africa - 566 M, Senegal - 698 M, Mozambique - 404 M, Zambia - 331 M, Kazakhstan - 304 M, Iraq - 1.08 B, Tanzania - 554 M, with literally Billions of Dollars and they still hate us!!!!  Our retired seniors living on a 'fixed income' receive no aid  nor do they get any breaks while our government and religious organizations pour Hundreds of Billions of $$$$$$'s and Tons of Food to foreign countries!
Despiser of Obama January 2, 2013 at 03:31 am
We have hundreds of adoptable 
children who are shoved aside to make room for the adoption of foreign orphans. AMERICA: a country where we have homeless without shelter, children going to bed hungry, elderly going without needed medication and mentally ill without treatment -etc. YET....................... They have a 'Benefit' for the people of Haiti on 12 TV stations; ships and planes lining up with food, water, tents clothes, bedding, doctors and medical supplies.  Imagine if  The *GOVERNMENT* gave 'US' the same support they give to other countries.  Sad isn't it? 99% of people won't have the guts to forward this.  I'm one of the 1% -- I Just Did
Fire them All January 2, 2013 at 04:30 am
Are you kidding me? They were to pass a fiscal cliff deal and end up passing a spending BILL? Thanks to Dirty Harry and his croonies this is what they have manipulated upon the American people?
$1.00 cut to every $41.00 in taxes, 1:41 ratio. Higher taxes on 77% of households. 3.9 TRILLION in additional deficits. Hollywood to get tax breaks and incentives. Nascar party favors buried in the bill. Millions for rum producers? And no mention of the 46% who don't pay taxes in this country! FIRE them ALL! This Congress is a disgrace! And I hope the above is incorrect...
BUTCH January 2, 2013 at 02:52 pm
And all of that does not equal the aid grants and mil assistance given the East New York or Eretz YIsrael and the misinformation on Russia is also what the State and other agencies give NGO aid to RUSSIAN elderly Jews if u believe there are that many left why did the Russians send non circumcised Jews to Israel in the last appeal for save the Russian Jews!
The Brkln Mafia and Macau vice lord have all their money tied up in GOP POTUS candidates so nitwits like Turd blossom is given the task of this misinformation.
BUTCH January 2, 2013 at 03:00 pm
The debt ceiling is the next cliff, lobbyists, rum runners and vice lords have already gotten their Christmas presents and more to come, the Dem leader in WHO IS IN Congress and Ch woman of the party is owned by the same lobbyists as the TPARTY leader of the congress and by the 51st state or east New York biggest donor to our political parties both of them.
NotBuyingIt January 2, 2013 at 11:42 pm
Stones, No a Republican would not vote for a Dem. Dems look at the world differently than we do. We believe in self-reliance and wish for more limited government. Dems want to turn our country into their socialist utopia. It's sad, but the republicans can't do anything to stop you. You have all the votes. Most of the people in this nation believe as you do. 97% of the black voters, over 70% of the hispanic voters and half of the white voters want this country to take care of them. Looks like you guys will run this country into the ground soon enough...
NotBuyingIt January 2, 2013 at 11:57 pm
Mike F., although you are correct about "family farms" being forced out of business by the larger Monsantos of the world, you are not correct about them being a "myth", there are still many of them around. This is data from the last census:
Very large family farms (101,265) grossing over $500,000 Large family farms (86,551) grossing between $250,000 and $500,000 Small family farms (1,925,799) grossing under $250,000
Stones January 3, 2013 at 12:04 am
NotBuyingit, I've been a Republican my whole life, a moderate one and I just voted for a Democratic predidential candidate for the first time ever. My first vote was for Reagan in 1980. The problem is, the Tea Party has pulled the GOP far right and have relied on BS and lies like the birther nonsense. On top of that, they couldn't even slate a decent candidate we could rally around. Romney was not the right guy and he was pandering to whatever audience he was in front of seemingly forgetting we would all see it eventually in our 24 hour news cycle.
Too far right and too far left are dangerous places. It seems the far right is worse.
Despiser of Vera January 3, 2013 at 02:16 am
FYI, they have gay marriage (or, as they call it, "marriage") and government-funded healthcare.
Frank Rizo January 3, 2013 at 07:09 am
http://www.tomwoods.com/blog/lets-abandon-the-constitution-says-professor/
[one comment from the article above (in response to a certain 'Constitutional scholar', one prof. seidman) : "I'll go out on a limb here and agree with getting rid of the Constitution then we have no federal government. They will have no legal right to collect one cent of taxes so they will cease to exist and all the crap they are into like the private federal reserve bank. States will have to negotiate with each other. We can work it out. Bring back the Articles of Confederation?"] Here! Here! I'm hearing NYT aren't even allowing citizens to comment on this traitorous piece. Also ref'd at 0-hedge, where I first caught it earlier tonight. Beyond belief!
Wheaton Watcher January 9, 2013 at 01:11 am
So, despiser, do you receive social security? One of your parents? A child? Do you work at a company that has government contracts? Your spouse? Your parents? If you answered yes to any of these questions, then YOU are part of the problem, receiving government largess and all..

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