The looming fiscal cliff

A series of automatic US budget cuts and tax increases are slated to go into effect at the end of the year.

Fiscal cliff calculator

A series of tax hikes are set to take effect on Jan. 1, 2013. Use the calculator below to see how the fiscal cliff will affect workers at different salary levels. Choose the family status and income percentile that is closest to your situation.

Under the fiscal cliff, annual taxes will
  • increase by
  • to a of

SOURCE: Tax Policy Center. Income levels represent income and expenses for taxpayers at the 20th, 50th, 80th, 99th, and 99.9th percentiles. For a more detailed analysis, visit the TPC’s Tax Calculator.

Gabriel Florit / Globe Staff

A trader worked on the floor of the New York Stock Exchange in November.

AP File

What is the fiscal cliff?

The automatic tax increases and spending cuts that will be automatically implemented if lawmakers fail to reach a deal by the end of the year will have a broad impact.