Families Will Pay Dearly If America Goes Over Fiscal Cliff

There’s been a lot of talk, again, about the fiscal cliff and what its effects would be if allowed to happen.  Most people I know have no real idea of just what it all means except that Americans will have to pay more federal income tax.

Allowing the Bush-era tax cuts to expire would mean that the 10% tax bracket would go back to the 15% tax bracket, reduced deduction for married tax filers, 2 % increase in what employees pay into Social Security and the elimination of the Alternative Minimum Tax.  The net result would be an excess of over $3,000 in additional taxes for the average family.

Based on the median family income by state, it just so happens that the five states that will get hit the hardest if the fiscal cliff is not avoided are blue states.  New Jersey will see the highest percentage increase in additional taxes.  They have a median family income of $101,682.  Going over the fiscal cliff would result in 6.82% higher taxes equating to $6,933 in additional taxes.  Maryland is second with a median family income of $106,707 and a pending tax increase of 6.74%, equating to $7,194 in additional taxes.

According to figures released by the Tax Foundation, the amount of additional taxes paid based upon median family income by state would range from $3,000 to $7,000 accordingly:

  • $7,000+ - 1 state (Maryland)
  • $6,000 to $6,999 – 3 states
  • $5,000 to $5,999 – 1 state
  • $4,000 to $4,999 – 6 states
  • $3,000 to $3,999 – 40 states

Now realize that both political parties are holding all of us as hostages in the negotiations to avoid falling over the fiscal cliff.  The Democrats are saying that they will not accept any plan that does not include raising the taxes on everyone making $250,000 or more.  The Republicans are saying that they will not accept any plan that does not include keeping the tax cuts on all Americans.

I don’t know about you, but I can’t afford another $3,000 in federal taxes, especially when I’m going to have to pay an additional $2,400 to $3,000 in taxes due to Obamacare.  Yeah, that’s right.  None of the fiscal cliff figures take into account the additional Obamacare tax increases that we are all going to face.

If we teeter over the fiscal cliff, I’m facing about $2,500 in additional taxes from Obamacare, $3,500 in federal taxes from the fiscal cliff and I am being forced to purchase health insurance that looks like it will cost me around an additional $4,000 to $5,000 a year.  The net result will be a loss of $10,000 to $11,000 a year out of my pocket.

I also don’t want to see a tax increase on the wealthy as that will result in a loss of thousands of jobs and a worse economy than we have now.  I can’t afford to lose another $10,000 from my budget, can you?


Comments

comments

  • http://pulse.yahoo.com/_YMJUHF4UNZWSLIDRXPSSTOHA3Q Shane

    Yes, and the liberal media will give all the blame to the Republican party, if we go off the fiscal cliff. The liberal MSM did it when Clinton was President and the government went into a standstill, and they will do it now.

    • ste1021

      The MSM already have two headlines ready - "Republicans at Fault" or "Republicans Cave". Either way, they lose.

  • mudguy1

    We are already over the cliff and it wi ll be hard landing.

  • Guest Again

    Perhaps we can just make up the shortfall by giving all government employees and elected officials an unpaid month off. For a start. If that doesn't do it, we can add another month.

    • Doodlebug

      I believe we have already gone over the fiscal cliff, give them more money to spend and by cracky, they will spend it and want more to keep up from going over the fiscal cliff again, just as they always do. In some ways I think we should just let them go over the cliff. Maybe they will see that the American people are fed up with their shenanigans. What would obummer do? No money he can't spend what he doesn't have, can he? Congress should take all the money they give to countries that hate us and give it to the Wounded Warrior Fund. Don't we owe them that?

      • Howard Roark

        Absolutely correct. The "fiscal cliff" is totally necessary to get past this nonsense, except that it must be accompanied by a determination to never borrow again.

      • Jim

        Your assumption of: "What would obummer do? No money he can't spend what he doesn't have, can he?" does not take into account his ability to cue up the "Federal" Reserve's free-money printing press. So, sure he can spend what he doesn't have. Actually, that sort of thing has been going on now for quite some time, & there seems to be no interest in slowing it down. WHEEEEEE!!!!!!

    • Howard Roark

      Not a bad idea!

  • Concerned Patriot

    so what can we do?

    • rivahmitch

      Buy more ammo. They'll be coming for whatever you've got.

    • OldProudArmedWhiteGuy

      If you have not been planning and preparing for the last 6 years, it's too late, Babe!

      • rivahmitch

        You're legally correct, my friend. Unfortunately.... Semper Fi!

  • guest on this planet

    Is this married families or the unmarried welfare families ?

  • ste1021

    Elections have consequences. Even though middle class income has declined $4500.00 a year under Obama, the majority voted for him. So a few thousand in additional taxes should'nt bother them either.

    • rivahmitch

      Sorry, but, given the level of voting fraud, "default settings" on voting machines and other irregularities, it's impossible to know that "the majority voted for him". The only truthful statement one can make is that the Kenyan Marxist "got more votes".

      • OldProudArmedWhiteGuy

        One cannot "get votes" if one is INELIGIBLE to run for an office.

        • pat

          Everyone is now eligible see Obama, Romney and countless other are NOT qualified is we follow the law. Second our votes are just to give the gov an idea how much people dislike/support what? Then they rig the votes in their favor and continue the status quo lies and R vs D bullshit to separate the nation and guess what it has worked for many years now and will continue to do so.

      • ste1021

        Thank you for your comment. I'll go along with "got more votes".

  • OldProudArmedWhiteGuy

    Hey, they are the ones that "voted" for the unlawful, ineligible, Usurper - they deserve the higher taxes.
    But, first, people need to study the law and find out if they are even liable to the "federal income" tax. It's called "federal" for a reason, just like the "Internal" revenue.

  • Donna Casas

    Republican Senator Chambliss is caving on no tax increase.....who is next? They need advice from Gingrich on this....he saved Clinton's economy.

  • Justintime

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  • mudguy1

    There is only one solution and it will never happen. We need to stop giving them our money. We need a real TEA PARTY!

  • Henry

    People! Can you spell "marxism?"

  • http://www.facebook.com/people/Robert-Morrow/1611551991 Robert Morrow

    STRIKE, All power or energy producers shut down, Anyone that produces any wealth quit and then let Obama and his criminals do without any money. Have a great depression and fire people in the EPA, TSA with 9000 admin people in D.C. alone. I live through the great depression and can do it again. Let all the non doers and union bosses fight each other over what is left. Once the world goes dark then we can start over again with our Republic.

  • http://www.survivingurbancrisis.com/ Silas Longshot

    Hopefully, the blue state morons, who will get what they voted for, will carry most of the load. Voted for revenge, did they? Looks like that turned on 'em.

    • pat

      How? the blue state like Hellifornia has about 18-20% paying into the illegal I-fraud tax and 80-82% not paying and some are receiving $ back as low income family so carry the load hardly more like increasing the load. Start looking into this with all the states then see what is lieing on in the treasonhouse and none of their BS makes sense or will fulfill what is lied about by the MSM and lieaticians in the gov and states. We have alt least 170 TRILLION in benefit obligations over the next decade so where the hell is that money???? OH YA it's all the new taxes, odumacare etc. but it's still not enough because as said before billions in interest alone daily on the supposed National debt which is all they talk about. Start raising the 17o trillion now thru future benefit questions which is increasing as 60k new TSA pedophiles unionize with mucho benefits. They dont thank you for contributing into thier retirement but rather fill you up and your children then harass you if you evoke your rights. WELCOME TO COMMARICA.

  • Freodom

    "I am being forced to purchase health insurance that looks like it will cost me around an additional $4,000 to $5,000 a year."
    No, it is going to cost you $6,000+ starting next year. I am under the Federal Emplyees Health Benefit plan and the feds raised my family health plan insurance 28% tp $6,177 for 2013. When the feds charge their emplyee $6,177, I wonder how much more they will charge the rest of you for Obamacare?

  • Phobius

    I've read almost all of the comments, as that is where the real people speak. Well you all need to stop whining about your taxes going up. Urkel need to golf and we know that's not free. He needs to Jet Set around on AF1 and that isn't free. His wife needs to fly separately and take many people on expensive vacations, that's sure not free. Someone has to pay for all of this, so pony up, shut up and deal with it.:) Keep in mind that you at least saw it coming and tried to do the right thing. Imagine being a libtard, what a shock it will be to them. Personally I started late but am stocking up on precious metals, ammo, and food.

  • http://www.facebook.com/captainjimgreen James Carlyle Green

    We are already bankrupt. With "$138 Trillion" in debt and unfunded obligations it is impossible for us "ever" to pay it off. Plus we are going further into debt by $4 Billion a day. That is completely unsustainable. The only reason we haven't begun to default on payments is because the Federal Reserve has been buying our own Treasury Notes for the last 3 years. It's like using one credit card to pay off another and then claiming we're solvent. Therefore, it's now just a waiting game until total economic collapse comes. And I mean "total"... it will be really bad! Everyone better be getting ready! We had a chance with a good man to slow the demise of our republic, but the ignorant electorate chose an evil Marxist instead. Now we're history. Good job fellow citizens!

  • http://www.facebook.com/people/Larry-Viles/100000555613715 Larry Viles

    Yeah, those Democrats, always looking out for the Middle Class.

  • jmark72

    Welfare rolls will increase dramatically very soon after Jan.1, 2014 when ObaMaoCare becomes fully implemented. Those who won't or can't pay will have to quit their "under 30 hrs/wk" jobs and go on welfare. Start liquidating your meager assets now. I refuse to pay for any of ObaMaoCare. They better start building more jail cells because there are millions of P*ssed-off Real Americans that will not go down this socialist road. Invest in lead and armaments, because a Revolution is brewing to take back the government and return it to it's rightful owners - "We The People".

    • Howard Roark

      Good success with your revolution. They have been buying trillions of armor-piercing bullets and building concentration camps in every state. There are plenty of jail cells ready and waiting.

  • fedup40*

    If we go over the fisical cliff we can thank the people who voted Obama back in. Romney would have worked w/ Both sides to bring an answer to the problem. So All of us pay for the charades of the people on welfare/food stamp crowd They won't have to pay but the 'workers' will. So much for America as I know it. Too bad.

  • Howard Roark

    The "Fiscal Cliff" is not as bad as it sounds and is the only way to pull back out of the demise. You have to hit bottom and default on a lot of things if you want to get strong again. It doesn't bother me to default on bonds owned by the Chinese and British blokes. It does bother me to see the dead people voting for the Democrats instead of for Romney. The Mormons would have been baptized for them and they could have gone to heaven instead of where they are now. It is not about your $3000 in taxes and $6000 in health insurance. The big problem is that the US Senate has not passed ONE budget for the past four years, so the Obama administration is completely free to spend voraciously to reward their sycophant supporters. The unions are free to strike their employers out of existence and themselves out of jobs. Now that's freedom, brother!

  • gypsy314

    Let them go the quicker the better sooner credit card is rejected and blue states get bail out and red states foot the bill we will have chaos and then civil war.

  • Jude O'Connor

    Google amount of staff for Congress
    Google listing of Government agencies ..........If this isn't a list of federal entitlements, wow.
    23,000 staff we didn't put in office, check it out

  • http://www.facebook.com/barbjeanpatton Barb Patton

    Let it happen - let it happen. This may be the only wakeup call that the Democrat voters require to wake them out of their coma and lethargy

  • http://www.facebook.com/harry.berry.33 Harry Berry

    We need a revolution and a depression to solve this globalist nonsense. How many times had congress and president cut their salaries? How many bankrupt company executives gave themselves Bonuses? Hang 'em all

  • pinkie

    the rich have not created any jobs especially during the bush years this is all republicans its on them

  • Dwightmannn

    The Revolutionary War was fought over taxes. We are so taxed, that we are unable to survive in a manner that is comparable to what we are accustomed.
    No matter what happens, this great Republic will survive, and get better.
    This is what America is all about.
    It just seems we have a whole lot of diversified and unsurmountable agendas to overcome.
    And overcome them we will. . .