Now that the American Taxpayer Relief Act of 2012 is now in place and the IRS is tweaking the computer programming to prepare for the "slight" increase in taxes, you may ask - what will be the real impact of The Act?
The Tax Foundation has a handy reference that crunches the numbers to answer the question. They used Census and IRS data to estimate income and deductions for the median two-child family in each state. The Tax Foundation then ran the returns through its online tax calculator with the newly approved ATRA tax numbers.
You can visit the online tax calculator here - MY TAX BURDEN.
Before The Act was passed, the Tax Foundation projected the impact using the 2011 tax law (2011 was the last year the AMT patch was in effect), and under the likely 2013 tax law (assuming all Bush-era and Obama tax cuts expire, and that the AMT remains unpatched). Here is a handy reference that crunches numbers, comparing data state by state:
How Would the Fiscal Cliff Affect Typical Families in Each State?
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