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Sandy-Ravaged New Jersey Families Face $6,933 Tax Hike in Fiscal Cliff Stalemate

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Sandy-Ravaged New Jersey Families Face $6,933 Tax Hike in Fiscal Cliff Stalemate
By Christopher Goins
November 21, 2012
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(CNSNews.com) – 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.

https://cnsnews.com/news/article/sandy-ravaged-new-jersey-families-face-6933-tax-hike-fiscal-cliff-stalemate

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