Our friends at the Tax Foundation have just released a state-by-state analysis showing how hard hit taxpayers would be from a leap off the “Fiscal Cliff”. And guess who would be hardest hit? Indeed, New Jersey taxpayers top the list and would experience the highest increase as percentage of income: a 6.82% increase, equivalent to $6,933 per median family of four!
As it stands, if the federal government does nothing during the Lame Duck session of Congress, American taxpayers would be facing a staggering tax hike of close to $500 billion in 2013. The Congressional Budget Office (CBO) has predicted a recession if the hikes were to occur. (Read more on the “Fiscal Cliff” and “Taxmageddon” here.)