JACKSONVILLE, Fla. -- Time is ticking, and thousands are on the line for millions of families. Local Tax manager Gerald Roach says for the typical family of four, it will be down right painful.
"First thing that's going to happen to them is their pay checks are going to get smaller because the 2-percent social security tax comes back," said Roach.
And for a working married couple making $50,000 a year that adds up to $1,000 they will no longer have. But Roach says it only gets worse.
"The child tax credit, which is now at $1,000 a child, goes back to $500 a child. So they lose a $1,000 there," said Roach.
"The child care credit, which is based on the maximum of $3000, goes back to $2400. So that is $600 a child there."
The couple will also lose almost $300 for filing together as a married couple. The grand total adds up to more than $3,500 from taxes that will disappear from their bottom line.
"Whether or not they want to seek a second job or try to get a raise, it's just going to be bad regardless," said Roach.
Roach only hopes Congress ends their stalemate because if the country falls off the cliff, American families are the ones that will get hurt.
You can calculate how much you stand to lose if Congress goes over the fiscal cliff
here.
