It looks like states that overwhelmingly supported Barack Obama for re-election will feel the brunt of the Obamageddon tax apocalypse in 2013. According to a new report issued by the Tax Foundation, the residents of New Jersey, recently ravaged by Hurricane Sandy, who cast nearly 2 million votes for Obama will face the highest tax in the nation.
According to the Tax Foundation’s report, New Jersey residents will increase by 6.82%. By the way, remember how Barack Obama said that no one making under $250,000 would see one dime of their taxes increase? Well, consider that for New Jersey the taxes are based on a four-person family making $101,682. Their real dollar amount will increase by 69,330 dimes, to $6,933!
This will all be set in motion as a result of the expiration of the Bush era tax cuts.
In addition, this will also include the elimination of the 10% tax bracket, reduced deduction for married filers, the expiration of the 2% cut to social security payroll taxes on the employee side and a reduction in the child tax credit from $1000 back to $500.
The top five states in the list with the highest increases are “blue states” that voted for Barack Obama. These states are New Jersey, Maryland, Connecticut, Massachusetts, and New Hampshire.
Not to be callous here, but in all seriousness, “How’s that ‘hope and change’ working out for you guys up there?”
Find out where your state ranks and what you can expect in terms of tax increases next year here.