White House: Without a cliff deal, taxes would rise for 1.3 million Oklahomans
BY CHRIS CASTEEL NewsOK.com
Thursday, December 06, 2012
12/06/12 at 4:56 AM
WASHINGTON - Oklahoma families would lose valuable tax credits and have their income tax rates go up if no agreement is reached to extend the current tax rates, according to a White House report.
An estimated 447,000 Oklahoma families will lose access to the child tax credit and about 90,000 families in the state will no longer be able to claim the American opportunity tax credit that helps pay for college.
The White House has been pressuring congressional Republicans to extend current income tax rates for 98 percent of taxpayers while allowing rates to rise for the top earners. The rates are set to increase automatically in January.
Republicans agree with extending the tax rates for the middle class but don't want rates to go up for upper brackets, saying it would hurt small businesses that file returns under the individual tax code.
Original Print Headline: With no cliff deal, taxes to rise for 1.3 million Oklahomans
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