Impasse could cost Mass. jobs
If Congress failed to come to an agreement on the middle class tax cut extensions, it could trigger jobs losses and cause the Massachusetts economy to shrink, according to a new White House analysis. A sharp rise in middle class taxes – something both parties are hoping to avert -- would cause residents to spend nearly $4.6 billion less next year in Massachusetts, resulting in a 1.2 percentage point drop in the state’s Gross Domestic Product. A typical Massachusetts family of four, earning $86,000, would see its income taxes rise by $2,200, according to the report.