If there is no agreement on avoiding the “fiscal cliff” before 2013, families across the country will pay significantly more in taxes than they’re paying now – and the families in New Jersey, which was decimated by Hurricane Sandy, will be hit the hardest. The typical four-person family will pay another 6.82% of their income, roughly $6,933 more, according to the Tax Foundation.
Maryland was second, with a 6.74% increase, and Connecticut third, at 6.62%. Massachusetts was fourth, at 6.53%, and New Hampshire fifth, at 5.81%. No one would be immune to the tax hike; forty states would jump between $3,000 and $3,999, six states would rise between $4,000 and $4,999 and three would grow between $6,000 and $6,999.
New Hampshire would be the only state to see a tax increase between $5,000 and $5,999 and Maryland would be the only state to see a tax increase over $7,000.
The Tax Foundation asserts that lower-income families would be hit the hardest because of the changes to the child tax credit; the restoration of the 15% tax bracket, which would eliminate the 10 percent bracket, and the reduced standard deduction for married filers. All of these were provisions in the 2001 and 2003 Bush tax cuts.