Posted on 11/21/2012 4:16:12 PM PST by traumer
(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.
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.
(Excerpt) Read more at cnsnews.com ...
Karma ?
One ran over the other.
/johnny
We’re right in that tax group. We wouldn’t be in this state if not for family issues. Can’t wait to get out of this accursed state.
Barry Benghazi’s little “gift” to his supporters.
You guys in the blue states probably didn’t read the fine print did ya.
TFB
Good, they should pay even more than that.
One of the great ironies of the short Senate career of the infamous Bob Torricelli was that he was among the only Democrats to support the Bush tax cuts in 2001. He may have been a corrupt Democrat, but he knew damn well that New Jersey taxpayers get screwed under a highly progressive income tax system.
They’ll also have to add in tens of millions to pay for damaged transit trains parked in a flood plain during Sandy. Weather forecasters were ignored, deemed less important than what had happened in previous storms. Even Reuters reported this today.
Well, since the Bush Tax Cuts ONLY went to the rich, I guess ONLY the rich will take a beating when they expire...or that’s the opinion of at least 90% of the public.
But this article says something COMPLETELY different - it talks about these tax cuts reaching the middle and lower classes. That can’t be, we’ve NEVER been told that Bush cut taxes to these people.
...my point explains the COMPLETE lack of educating the public that the Republicans (including Romney) have done. It’s bad enough cutting taxes to the lower classes (as it doesn’t bring in any new money or investments, just more lottery tickets)...but if you are still going to do something that useless, at least let the country know.
Gee That’s tough, they voted for Obama didn’t they?
“We’re right in that tax group. We wouldn’t be in this state if not for family issues. Can’t wait to get out of this accursed state.”
Nothing personal, but I would just love it if the Bush Tax Cuts expire. All those upper middle class libs that voted for Obama will get the royal shaft.
But don’t sweat it, the media will run some story in a Gunnison Colorado newspaper, or something like that, talking about how Wayne Hicksom, or whoever, is about to get reamed on taxes because the EVIL Republicans won’t give into Obama’s demands...and the Republicans will, of course, panic and then fold. They wouldn’t want to lose the 2016 elections, now would they.
Do you think the media will simply state that these were the tax rates under the Clinton administration that brought us economic prosperity and to quit complaining, pay your fair share?
It’s truly amazing. The Bush tax cuts were an across the board reduction in tax rates for everyone who paid income tax. The change in take home pay was right there in front of the noses of every taxpayer, whether “rich”, middle class, or otherwise.
Yet, liberals have somehow managed the incredible feat of convincing these people, to the contrary of all evidence right before them, that they didn’t get any tax cut at all (because it only went to the evil “rich”). And the primary way that they accomplished this deception was by constantly referring to raw dollars rather than percentages.
We all heard it constantly, “The top 1% received far more than did those with lower incomes.” Of course, they failed to mention that the “top 1%” also paid far more in taxes and were merely receiving the same percentage back as everyone else, though quoting raw dollar totals made it sound more dramatic.
Unfortunately, a large number of our fellow citizens have proven themselves to be pathetically stupid and thus prone to being deceived by even such transparent lies as this. Add in the media as co-conspirators to hammer the lies into their empty little heads and the future looks awfully bleak.
Yep...but the best part of letting them expire is the 10 or 20 million NEW taxpayers that will be brought into the system.
Bush made a MAJOR mistake in getting people off the tax roles. Once they lost a stake in taxation, they had no stake in spending levels. I really would like to see them added back, and then some.
It's easier to train a puppy to not poop on the carpet than it is to teach the average American econ 101; their ain't no such thing as a free lunch. That "free" Obamaphone is expensive. The "free" healthcare is real expensive.
You can’t fix retarded.
“Gee That’s tough, they voted for Obama didn’t they?”
Umm not really.....
Here is how the two hardest hit counties in New Jersey voted on Election Day
MONMOUTH
Obama - 125,471
Romney - 140,376
Winner = ROMNEY
OCEAN
Obama - 89,625
Romney - 127,425
Winner = ROMNEY
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