Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
2013 tax calculator
Old 11-09-2012, 10:32 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Jul 2012
Location: Mississippi
Posts: 1,878
2013 tax calculator

I found this tool some might like to play with. It allows input of your info then compares three scenarios, Tax cuts expire, Rep. proposal, Dem. proposal.

Tax Foundation's Tax Policy Calculator
__________________

__________________
rbmrtn is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-09-2012, 02:24 PM   #2
Thinks s/he gets paid by the post
Live And Learn's Avatar
 
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,689
thanks for that - nice tool !
__________________

__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11

ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
Live And Learn is offline   Reply With Quote
Old 11-09-2012, 02:44 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,376
Ouch! Tax the man hiding behind the tree, not me! The calculator says I would become $2,000 more patriotic, about 3% less to spend or save each month!
__________________
Mulligan is offline   Reply With Quote
Old 11-09-2012, 02:55 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,412
My 2013 taxes would be the same under Republican or Democratic proposals. Would be 24% higher if the tax cuts expire all else being equal. Ouch!!!
__________________
pb4uski is online now   Reply With Quote
Old 11-09-2012, 03:08 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Jul 2012
Location: Mississippi
Posts: 1,878
Yea, we've all become addicted to the "temporary" cuts. I'm betting they leave the tax cuts in place for the lower brackets and just extend the upper. Least path of resistance.
__________________
rbmrtn is offline   Reply With Quote
Old 11-09-2012, 03:11 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,376
Quote:
Originally Posted by rbmrtn
Yea, we've all become addicted to the "temporary" cuts. I'm betting they leave the tax cuts in place for the lower brackets and just extend the upper. Least path of resistance.
Hey, I can agree with that. After all, it's not really picking on the upper class because they can just make less money if they want to avoid the tax.
__________________
Mulligan is offline   Reply With Quote
Old 11-09-2012, 03:44 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,412
Yeah, it is so easy to favor pushing tax burden to someone else. It still doesn't make it right.
__________________
pb4uski is online now   Reply With Quote
Old 11-09-2012, 04:44 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,376
Quote:
Originally Posted by pb4uski
Yeah, it is so easy to favor pushing tax burden to someone else. It still doesn't make it right.
Actually I agree with you, PB, I was just being flippant. In all seriousness, if worst case scenario occurred, I would be moved into 28% tax bracket. Add that in with SS tax (WEP smacks me good) reverting back to 6 plus %, Medicare, state income tax, and gas costs in traveling to my PT job it will be at 50%. I seriously doubt if I would continue working. I am not even a rich guy, and I would be demoralized, so I can only imagine what a real high earner would feel. Well, wait a second, I do know how they feel, as I just said I would quit working, so they would have the right to be upset too!
__________________
Mulligan is offline   Reply With Quote
Old 11-09-2012, 05:24 PM   #9
Thinks s/he gets paid by the post
JoeWras's Avatar
 
Join Date: Sep 2012
Posts: 2,518
Quote:
Originally Posted by pb4uski View Post
My 2013 taxes would be the same under Republican or Democratic proposals. Would be 24% higher if the tax cuts expire all else being equal. Ouch!!!
About the same for me too.

Quote:
Originally Posted by Mulligan View Post
Well, wait a second, I do know how they feel, as I just said I would quit working, so they would have the right to be upset too!
It may be the tonic I need to solve or at least start to cure the "just one more year" problem I'm currently having.
__________________
JoeWras is online now   Reply With Quote
Old 11-09-2012, 05:55 PM   #10
Full time employment: Posting here.
NYEXPAT's Avatar
 
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 868
Goose eggs as far as the eyes can see!
__________________
NYEXPAT is offline   Reply With Quote
Old 11-09-2012, 06:32 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,859
Why did the standard deduction drop from $6,600 to $6,100 under the "all tax cuts expire?" Otherwise, not a huge change for me, I'd pay little more due to dividends taxed and the 10% bracket going up to 15%.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is online now   Reply With Quote
Old 11-09-2012, 10:42 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Jul 2012
Location: Mississippi
Posts: 1,878
Quote:
Originally Posted by scrabbler1 View Post
Why did the standard deduction drop from $6,600 to $6,100 under the "all tax cuts expire?" Otherwise, not a huge change for me, I'd pay little more due to dividends taxed and the 10% bracket going up to 15%.
I didn't see that, it was 6100 on all.
__________________

__________________
rbmrtn is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 09:31 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.