Wednesday, November 21, 2012

Top 5 States to be Hit Hardest by 2013 Tax Increases -- Supported Obama!: Who said Blue states have any good sense?

I’m surprise New York isn’t in the top 5.  Over a third of my paycheck goes to taxes.  That’s a lot of money.  But, 61 million people don’t seem to mind paying taxes up the wazoo.  Or are they’re not paying any taxes at all while people like me pay the freight for them? 

Families in Hurricane Sandy-ravaged New Jersey will face the highest tax increase as a percentage of their income – 6.82%  or about $6,933 more in taxes -- if Congress does not reach an agreement on the fiscal cliff tax issues during the lame-duck session, according to an analysis by the Tax Foundation.
In its study of how the fiscal cliff would affect typical families in each state, the Tax Foundation reports that if the numerous tax provisions that are due to expire on Dec. 31 are not changed, a four-person family in New Jersey with a median income of $101,682 will see its taxes go up at a rate 6.82 percent of its income, which translates into about $6,933.

The tax issues in question are the expiration of the Bush tax rates, which also include the elimination of the 10 percent tax bracket and the reduced deduction for married filers; ending the 2 percent cut to employee-side Social Security taxes; and the Alternative Minimum Tax.
Maryland was ranked second by the Tax Foundation because a four-person family there, with a median income of $106,707, would see its taxes go up 6.74 percent as a percentage of income, or about $7,194.
Connecticut, ranked third, would see taxes for a family of four go up by 6.62 percent, or $6,653.

All five states with the top tax increases are “blue states,” which President Obama won in the 2012 presidential election. But so are four out of the bottom five states with the exception of Kansas.

Top Five Tax Increases Tax Increases as % of Income
#1 – New Jersey $6,933                                6.82%
#2 – Maryland    $7,194                                 6.74%
#3 – Connecticut $6,653                                6.62%
#4 – Massachusetts $6,632                           6.53%
#5 – New Hampshire $5,660                          5.81%

More here

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