N.J. would be hit hardest by Biden's tax hikes on the rich, study shows

[TexasTowelie]

President Joe Biden’s proposed tax increases on the wealthy would prompt a greater percentage of New Jersey taxpayers to pay more than in any other state, according to a new study.

The Institute on Taxation and Economic Policy, a progressive research group, found 1.2% of New Jersey taxpayers, or 53,000, would see their taxes go up. That’s tied with Massachusetts for the highest percentage of a state’s taxpayers facing a tax hike.

Still, that means that 98.8% of New Jersey’s taxpayers would see no increase. Nationally, the percentage would be 99.3%, leaving 0.7%, or 1.1 million filers, who would be affected.

“The president’s proposed tax increases would affect only the very rich, one percent or less of taxpayers,” said Steve Wamhoff, the group’s director for federal tax policy. “If you are a remotely normal American, you will not pay more and you probably don’t even know anyone who will pay more.”

Read more: https://www.nj.com/politics/2021/05/bidens-tax-hikes-on-the-rich-would-hit-nj-hardest-study-shows.html