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Thousands of Massachusetts Families Would Be Affected by Federal 'Fiscal Cliff'

A study finds that Bay Staters will pay more if the child and college tuition tax credits expire.

More than half a million Massachusetts families will pay more in taxes if the federal government doesn't reach an agreement on the tax code by the end of the year, a study reported in the Boston Globe found

The child tax credit is set to expire if Congress doesn't reach a deal. The tax credit affects 562,000 lower- and middle-class familes, currently saving each about $1,000 a year.

Another group of tax credits set to expire includes college tuition credits, an increase that would affect 217,000 families, according to the Globe story.

Small businesses would be affected if the federal government falls off the "fiscal cliff," too. If no deal is brokered, next year these businesses will only be able to claim $25,000 in deductions on new investments instead of the $250,000 deduction they now enjoy.  

just thinking December 09, 2012 at 12:57 AM
obama already taxes the super rich 37%,then with the other 63% they invest,if they make any money on that they then pay 14%,but obama had the morons who voted for him thinking they only payed 14% total.if he taxes they super rich any higher then they don't invest,meaning thousands upon thousands of jobs.then he can bring down us middleclass,to his people the ones waiting for that check in the mail. VOTE DEMOCRATS OUT
just thinking December 09, 2012 at 01:07 AM
college tuitions you say,how are you and your kid who's in college,him or her working 2 jobs and you perhaps a second one to help ,then in comes the kid who came across the border illegaly,and gets college for FREE. how do you like obama now.I believe you should have to take a test on government,and pass it before you can vote
Owen December 09, 2012 at 05:27 PM
Your posts are almost unreadable. However, what I was able to decipher was just the tired old rant we hear from the right, with no sources or facts to back up your claims. But, judging by your mastery of the written word, we wouldn't have a productive conversation on this topic.

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