WASHINGTON, DC – A new tool is available to help families understand how our nation’s tax policy impacts them directly as well as the real-world consequences of going over the “fiscal cliff.” Courtesy of the nonpartisan Tax Policy Center, the “Tax Calculator” allows taxpayers to compare what their new tax liability will be under the recently enacted American Taxpayer Relief Act of 2012 (H.R. 8) versus the substantially higher amount they would have paid had the nation gone over the fiscal cliff, which would have impacted the average Southwest Michigan family to the tune of thousands of dollars.
“As I travel across the district this week, folks want to know what last week’s agreement means for them,” said Upton. “By plugging in your household’s own financial data, you will get a real understanding of what would have happened had Congress and the White House failed to address the automatic tax hikes that were scheduled to kick in. For folks struggling here in Michigan and across the country, the impact would have been devastating. While the final plan is not the one I would have written, it protected middle class families and small businesses from higher taxes and allows us to focus on tackling the real driver of our debt: federal spending.”
Upton encourages families in Southwest Michigan to use the tool by visiting his website at upton.house.gov and clicking on the “Fiscal Cliff Tax Calculator” on the homepage. The tool may also be found directly by visiting www.taxpolicycenter.org.
The TPC notes that the Tax Calculator estimates the impact of proposed tax policies on typical U.S. taxpayers and should not be used as a tax preparation tool.
According to TPC, the “Center aims to provide independent analyses of current and longer-term tax issues and to communicate its analyses to the public and to policymakers in a timely and accessible manner.”
Source: News release from Congressman Fred Upton