4 tax breaks for parents on the chopping block - Yahoo! Finance
Wonder if the welfare crowd saw this coming?Many low-income parents could see their tax bills jump by thousands of dollars next year if nothing is done to stop a series of tax breaks from expiring January 1.
Unless Congress takes action before the end of the year, four important credits for families -- The Child Tax Credit, Earned Income Tax Credit, Child and Dependent Care Credit and the American Opportunity Credit -- will revert back to previous levels.
If this happens, many families will be worse off by hundreds -- or even thousands -- of dollars, said Roberton Williams, a senior fellow at the Tax Policy Center
The upcoming presidential election has left the fate of these tax breaks uncertain. Democrats and Republicans in Congress continue to butt heads about which tax cuts should be extended, and there's virtually no chance they will agree on a specific plan before the November election, Williams said.