Tax benefits for mass transit commuters set to drop

To the many items that Congress neglected to address before wrapping up its year, add another: tax benefits for millions of Americans who rely on mass transit for their commutes.

Starting Jan. 1, the monthly amount that commuters can set aside before taxes to spend on mass transit is to drop from $245 to $130, which for some heavy users could mean several hundred in higher costs next year.

The change pits mass transit users against drivers, who by contrast will see an increase in their monthly parking benefit in the new year, from $245 to $250. [Read More]