Posted: Jul 24, 2012 3:45 AM
WASHINGTON (AP) - The White House says a standoff with Congress that results in the January expiration of wide-ranging tax cuts would mean 114 million families would see average tax increases of $1,600 next year.
The figures put a price tag on the potential personal costs of the partisan tax showdown.
Republicans want to renew all the tax cuts for one year to give the two sides time to negotiate permanent tax changes. President Barack Obama and Democrats insist they will only extend the reductions for households earning below $250,000.
Democratic Sen. Patty Murray of Washington has said if there was no deal by January, her party would be willing to let all the tax cuts expire to pressure Republicans to give ground.
The $1,600 average is for families earning $250,000 or less.
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