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Should You Pay Higher Taxes If You Don't Have Kids?

 
Should You Pay Higher Taxes If You Don't Have Kids?
Posted April 10th, 2014 @ 4:15am by KTRH’s Cliff Saunders

An idea to have couples without kids pay higher taxes is causing a lot of people to raise their eyebrows. But the people that do your taxes aren’t fazed at all.

The idea came up in an article on Slate.com, but as Houston CPA Joe Mastriano says, it's already happening.

“There are child care credits and earned income credit for low income people with kids,” Mastriano said. “If you have a child you get extra deductions. So parents are already paying lower taxes.”

Some couples hold off on having kids until they can better afford it, but Mastriano says that doesn’t make a lot of sense.

“I wanted to delay having kids until I was more financially stable. My wife says that was crazy. You can’t let the IRS dictate how you live your life,” Mastriano explained.

And, as it turns out, couples with children are already getting a break. But Mastriano says it's not that much of a break.

“You’ll pay lower taxes, but you’ll have higher expenses. It’s not cheap to have kids,” Mastriano joked.

According to the Tax Policy center, parents are already getting $171 billion dollars worth of tax breaks.

 

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