Fiscal Cliff Worries for Local Households
By: Tyler Thomason
Updated: December 11, 2012
Thalia Madewell is a mother to five youngsters. A family where the child tax credit comes in handy.
"We did, and do, count on that as a part of our end-of-the-year budget," Madewell says.
But as the edge of the fiscal cliff nears, not much is safe; including those tax breaks for parents --up to a thousand dollars per child.
Something Thalia Madewell has annually depended on for the last decade.
"My husband is blue collar, we've been married for 12 years and we've always relied heavily on that refund coming out of the winter months, sometimes he hasn't had a lot of work," Madewell says.
It's unclear if the tax credit will disappear, decrease -- or stay the same.
But it is certain that families just like the Madewell's always look forward to that financial relief.
"When work has been slow in the winter, it's just caught us up on bills," Madewell says. "This year we were planning on purchasing a new refrigerator."
And even for average families with two or three children, if that child tax credit isn't extended, that's a couple hundred dollars a month, potentially, they would go without, which would hurt their ability to make big time purchases like a refrigerator, or even everyday purchases, like groceries.
"It would hit them ,and it would happen, and they would flex to accommodate that change," Madewell adds. "We certainly would make it work, if they lowered that, but we have relied on it up until this point."
As the economic war in Washington continues -- so does the worry among many families.
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