In her November 12 article, Laura Green of The Palm Beach Post Washington Bureau, sums up the collection of tax breaks and spending cuts at stake should Congress fail to reach agreement by year end and the nation goes over the “fiscal cliff.”
In addition to middle-income family tax increases, estate and payroll tax hits, what is known as the child tax credit is also likely to fall, to the disadvantage of taxpaying families in 2013.
Gunster attorney Adi Rappoport of the firm’s tax and estate planning practices, indicated that the credit was doubled to $1,000 per child under former president George W. Bush. It is one of the so-called Bush era tax cuts set to expire on December 31.
The child tax credit currently allows families whose income tax is lower than the $1,000 per child to receive more of the credit as a cash refund.
Read the entire article: Families facing tax hikes worth $2,000 unless ‘fiscal cliff’ avoided (The Palm Beach Post, 11/12/12).
