Lawmakers are down to the wire in negotiating a deal to avoid the “fiscal cliff.” What does it exactly mean for individuals, households and families? The Tax Policy Center (a joint venture between the Brookings Institute and the Urban Institute) has an in depth calculator where you can compare your taxes based on the different plans that are being discussed. The Washington Post has also used the calculator to project a number of typical family scenarios (as well as a few extremes).
Almost every situation leads to higher taxes on everyone, but some situations are worse than others. If you are wondering what will happen without a deal or with one of the current proposals take a look!