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Sunday, November 18, 2012

Tax Foundation: State-by-State Impact of the Fiscal Cliff

Tax Foundation logoTax Foundation:  How Would the Fiscal Cliff Affect Typical Families in Each State?:

To illustrate the potential impact on typical families, we have used Census and IRS data to estimate income and deductions for the median two-child family in each of the fifty states. We then ran these returns through our online tax calculator under two scenarios — 2011 tax law (chosen because it is the latest year that an AMT patch was in effect), and 2013 law, assuming all Bush-era and Obama tax cuts expire and AMT remains unpatched.

Table 1. Top 10 States

State

2011 Median Family Income

Tax Increase 2011 to 2013

Tax Increase as % of Income

Rank

NJ

$101,682

$6,933

6.82%

1

MD

$106,707

$7,194

6.74%

2

CT

$100,451

$6,653

6.62%

3

MA

$101,523

$6,632

6.53%

4

NH

$97,441

$5,660

5.81%

5

ND

$84,896

$4,825

5.68%

6

WV

$65,403

$3,612

5.52%

7

SD

$72,460

$3,997

5.52%

8

AR

$55,444

$3,056

5.51%

9

MS

$58,047

$3,108

5.36%

10

 

Table 2. Bottom 10 States

State

2011 Median Family Income

Tax Increase 2011 to 2013

Tax Increase as % of Income

Rank

ME

$78,310

$3,489

4.46%

41

IA

$76,777

$3,383

4.41%

42

NE

$75,495

$3,289

4.36%

43

DE

$83,424

$3,622

4.34%

44

CA

$74,122

$3,212

4.33%

45

IL

$79,138

$3,417

4.32%

46

KS

$74,853

$3,227

4.31%

47

CO

$85,027

$3,646

4.29%

48

HI

$82,973

$3,453

4.16%

49

WA

$81,582

$3,362

4.12%

50

Tax Foundation

http://taxprof.typepad.com/taxprof_blog/2012/11/tax-foundation--1.html

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