As part of his new tax plan, the president has proposed ending the “step-up” in tax basis for inherited assets, and, furthermore, requiring the capital gains tax to be paid at death rather than when an heir later sells...
- The Tax Policy Blog
- Tax Calculator Updated with Fiscal Cliff Compromise
Tax Calculator Updated with Fiscal Cliff Compromise
I've updated our online tax calculator to reflect the fiscal cliff compromise bill that passed the House last night and will presumably be signed by the President very soon. Three columns are shown - your 2012 tax liability, what you'll pay next year in 2013, and what you would have paid had we gone fully "over the cliff." Nearly everyone will see a slight increase from 2012 to 2013 because of the expiration of the payroll tax holiday, but everyone will pay less than they would have otherwise, had Congress done nothing.
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The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.