FORT WORTH (CBSDFW.COM) – Federal tax cuts are just days from their expiration date. If they expire, North Texans could be sending the government a lot more money.
This isn’t just a quibble over numbers. It’s a battle over paychecks. And if there’s no treaty soon, it could cost residents hundreds of dollars a month.
Take Chris McBrown for example: He and his family have been living in a hotel since a fire burned their home two months ago.
“We’ve had to pare back even more so to try to make ends meet,” McBrown said.
If hundreds of dollars were cut from his paycheck each month, McBrown said it would really make ends tough to meet. And that would happen if the Bush Tax Cuts are not extended.
Susan Roberts, a Certified Public Accountant said her clients are worried.
“What we’re telling them is brace for the worst and hope for the best,” Roberts said.
The compromise plan would extend tax cuts. According to online calculator “MyTaxBurden.com,” without them, a married couple with three children, making $40,000 per year would lose $398 per month.
The same family, making $80,000 per year would lose $353 per month. And if that same family make $120,000 per year, they would lose $598 per month.
“I would say we need to extend the bush tax cuts and also help the businesses to spend money that is deductible so they have more discretionary income at the end of the day in order to stimulate jobs,” Roberts said.
If tax cuts expire, taxpayers worry they’ll have not only a blue Christmas but a blue New Year.
Lisa Lock, who works in downtown Fort Worth said,
“I think it will effect our spending and our ability to do extra things so I think it will be a really bad thing,” said Lisa Lock, who works in downtown Fort Worth.