NJ, MD, CT Residents Would See $6,000+ Tax Increases In Fiscal Cliff...

NJ, MD, CT Residents Would See $6,000+ Tax Increases In Fiscal Cliff Impasse

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Tax filers in all 50 states would see a tax increase of at least $3,000 if Congress goes over the so-called fiscal cliff, but New Jersey, Maryland, and Connecticut would have the most money taken out of their wallets in a fiscal cliff deal impasse.

According to data from the Tax Foundation, Maryland residents would have the biggest tax increase of all 50 states with an increase from 2011 to 2013 of $7,194.

Behind Maryland is New Jersey, whose residents would see a $6,933 tax increase if Congress doesn’t strike a deal on the fiscal cliff. And Connecticut residents would see a $6,653 tax increase.

Following closely behind Connecticut are Massachusetts ($6,632) and New Hampshire ($5,660).

North Dakotans would see the sixth largest tax increase from 2011 to 2013 as a result of a stalemate on the fiscal cliff with a $4,825 tax increase–and would be one out of six states who would see tax increases between $4,000 and $4,999.

The remaining states 40 states would see tax increases between $3,000 and $3,999.

Being at the bottom of the list is no comfort either. As mentioned before, all 50 states will see a minimum tax increase of $3,000, and that obviously includes the bottom 20 percent.

On December 31, 2012, numerous tax provisions expire including the 2001 and 2003 Bush tax cuts, and the temporary payroll tax holiday on the employee side.

Additionally, numerous taxes also come into effect on January 1, 2013 due to the Affordable Care Act.

All of this taken together encompasses the scenario known as the “fiscal cliff.”

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