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How Much Will Belmont Residents Pay Going Over the 'Fiscal Cliff'

Find out using a "cliff" calculator.

With all indications today from Washington DC, Dec. 28 is that President Obama, congressional Democrats and House Republicans are unwilling to compromise to prevent across-the-board sequester tax increases and budget cuts that take effect Jan. 1, 2013, Belmont residents will join the rest of the country in paying a markedly larger amount of their paycheck to the government.

In fact, half of Belmont households will be handing over an extra 5K.

For residents curious to discover just how much of a bite they'll see cut out of their own pay stub, a number of financial websites have constructed and uploaded simple calculators that will supply that answer.

One of the simplest to use can be found on CreditCards.com 

So, how much will Belmont residents be forking over? Two good trial examples is taking a pair of readily available statistics: the median individual worker income – where an equal number of residents are above and below that calculation – and the median household income.

Plugging in the figures, compiled by USA.com – indicate Belmont taxpayers will be taking a hit. 

Belmont residents (2012)

current 

tax rate

new

tax rate 

difference Median individual worker income $51,964 $6,695 $8,917 $2,222 Median household income $95,197 $14,728 $19,714 $4,986

Source: USA.com

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