How will fiscal cliff affect you? - - The News for South Mississippi

How will fiscal cliff affect you?

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JACKSON, MS (Mississippi News Now) -

Trunshella Williams of Yazoo City is a working mother of three. She told us she wasn't clear on all of the consequences of no fiscal cliff deal.

"I been looking on my phone, knowing that it needs to be passed," she says.

We showed her some of the tax credits she stands to lose.

"Me, being a single parent, it helps me out. If it doesn't go through, it will hurt my household," she says.

Here's an idea of what could happen to your wallet. If you enjoy a child tax credit right now, it will drop from $1,000 for each child under 17 to a maximum of $500 per child. And you will only get the tax break if you have three or more children.

If you write off up to $3,000 per child for daycare and dependent care expenses, that will drop to as little as $1,440 per child.

Congressman Gregg Harper tells us small businesses will be affected too.

"As their taxes go up and they have less money available, you can look at a lot of companies deciding not to hire, perhaps having to do layoffs," he says.

We asked Congressman Harper if a little bit of wiggle room on both sides is better than no deal at all.

"Well, to me the worst thing that can happen is everybody's taxes across the board go up. Now is there something that can be reached that's palatable, better than that? We'll have to see what comes to us before we see how that's gonna go down," he says.

Jackie Levin and her family passed through Jackson Monday on their way back to St. Louis, Missouri.

"I'd like to see Congress and the Senate figure out how to get this thing to work, work with the president, figure out a way to avoid this," she says. "They've known about it for a long time, they need to do something about it."

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