If Congress doesn't act, families could be facing as much as $3,500 more in taxes

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by KHOU.com Staff

khou.com

Posted on October 2, 2012 at 5:52 PM

HOUSTON—If Congress does not act fast, tax analysts say that 90-percent of all Americans will pay more in taxes—especially families with children.

Plenty of parents have no idea that Congress is in a dead heat regarding taxes.

The Tax Policy Center says that the average family stands to pay an additional $3,500 next year.

"Instead of an annual vacation, maybe a bi-annual vacation for the family. My wife and child," said David Sassner.

Danielle Smith is a single mother who also didn’t know about the problem and is now worried about the month to month impact of the $2,500 more she would have to pay.

"That’s crazy! With 25 hundred dollars I could be doing something with my family or getting something that I need or getting my car fixed," said Smith.

High earners like Stacie Gibbins would get hit the hardest. She and her husband are in the top bracket. She is on leave to be with four-month-old Penelope. Ger family’s hit could be closer to $40,000.

"I am of the opinion that I am ok with the upper one-percent paying a larger portion for their taxes," said Gibbons.

She might not mind paying more, but she still thinks it’s Congress that needs a little parenting.

"They need to do their job. They are not doing their job," she said.

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