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News Summary: Millions already face higher taxes

Source : AP
Last Updated: Mon, Dec 17, 2012 17:16 hrs

: More than 70 tax breaks for individuals and businesses expired at the end of 2011. If Congress doesn't extend them retroactively back to the beginning of this year, a typical middle-class family could face a $4,000 tax increase when it files its 2012 return, according to H&R Block.

BUSINESS BRAKES? Businesses could lose dozens of tax breaks, including credits for investing in research and development.

ON THE AGENDA: Lawmakers expect to address this year's tax increases as part of a deal on the "fiscal cliff" of automatic tax hikes and spending cuts scheduled to take effect next year.




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