Posted on 04/13/2012 4:31:30 PM PDT by Eyes Unclouded
U.S. taxpayers can now use their iPhone to compare how much different plans to tackle the federal deficit would cost them in their yearly income taxes.
Debt Bomb — based on the U.S. tax code and publicly available data from the Congressional Budget Office and other government sources — allows users to project how a raise in taxes would cost in their personal income taxes over the years. In order to make a projection, users input basic income tax data — modeled after what a household pays in taxes — into the app.
“Debt is going to be one of the defining things that is going to come up and bite us,” Kyle Smith, the app’s creator, told The Daily Caller. “People have a hard time conceptualizing big numbers.”
The app, developed by Nassau Research LLC in Austin, Texas, launched Thursday in the iTunes App Store.
In order to keep projections simple, Smith based the app on what the deficit would look like if taxes were raised. The app, Smith told TheDC, actually underestimates what the magnitude of the problem since it does not account for change in household behavior. The data sets and the economic modeling used for the app, however, bring the projections into an approximate ballpark range.
“When we tested it out, the numbers it’s spinning out are very close to the numbers think tanks and the CBO put out,” Smith said.
Debt Bomb also features a history of the federal debt crisis and allows users to contact congress directly from the app.
DEPOPULATE socialists from the body politic. They plunder. They kill.
This a just a part of their legacy...
It’s that simple.
live - free - republic
Federal and State spending exceeds the GDP of the US.
They can tax at 100% and still have an increased deficit.
By the way, the existing deficit exceeds US GDP too.
Does anybody in government or the media know this?
No the media is too busy with the latest celebrity gossips and your tweets to care about anything boring as that.
Hey, I saw something about Kim Kardashian on Yahoo today!!!!!
(cricket...cricket)
Soon she will dating Obama
Um, I can do that with a pen and paper fairly easily.
That’s kind of like saying that there is an iPhone app to help you figure out a tip in a restaurant.
There are indeed such apps (for tipping) which is weird because phones come with calculators for the math challenged.
As for this DebtBomb app I don’t think everyone has the time to figure out the permutations of the taxcode (hence HR block, quicken/turbo tax etc.)
Especially the younger generation who are tech savvy but still not wise to politics.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.