Tax credits also at stake in fiscal cliff debate, White House says

In new report, Obama administration lays out tax hikes that Oklahomans of various incomes will face if no action is taken before January
by Chris Casteel Published: December 6, 2012

• A family of four with income of $80,000, a teenager at home and a sophomore at the University of Oklahoma would pay $2,250 more; along with the changes cited in the previous example, the couple would lose $550 in credit that now can be claimed for a child in college through the American Opportunity Tax Credit.

• A couple with one child, earning $130,000, would face a tax increase of $4,040; of that, $3,150 would come from a combination of the expiring marriage penalty relief and the increase of the 25 percent tax rate to 28 percent; $890 would come from the expiration of the 10 percent tax rate.

• A single mother with two children, who is working full time and earning $24,000 a year, could expect a tax hike of $1,670; of that, $1,500 would come because the child tax credit would fall from $1,000 to $500 per child, and less of the credit would be available to low- and moderate-income families; $170 would come from the expiration of the 10 percent tax bracket.

by Chris Casteel
Washington Bureau
Chris Casteel began working for The Oklahoman's Norman bureau in 1982 while a student at the University of Oklahoma. After covering the police beat, federal courts and the state Legislature in Oklahoma City, he moved to Washington in 1990, where...
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