Obama-loving states hit hardest by coming tax hikes. New Jersey, Connecticut, Maryland residents earning $100,000 and up will see tax hike of 6%+. These were the beneficiaries of the Bush “tax cuts for millionaires” the mob was so heated up about a few weeks ago. And for those of us lucky enough to live in the Nutmeg State, the redistribution of our riches has just begun: Hartford’s honing its knives in drooling anticipation of coming back down to Fairfield County this coming year.
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.
“Come and Get It” is a fine Beatle’s song but this one is more apt: