Home  >  Nevada  >  NV: If tax breaks expire, expect to pay 5 percent more

NV: If tax breaks expire, expect to pay 5 percent more

By   /   November 26, 2012  /   No Comments

By Sean Whaley | Nevada News Bureau

CARSON CITY – A Nevada family of four with a median income of $65,212 will see a nearly 5 percent tax hike next year if a collection of tax breaks are not renewed by Congress as it deals with the so-called “fiscal cliff”, according to a new report by the Tax Foundation.

UP, UP AND AWAY: A Nevada family of four with a median income of $65,212 will see a nearly 5 percent tax hike next year if a collection of tax breaks are not renewed by Congress as it deals with the so-called “fiscal cliff”.

The 4.92 percent tax increase as a percentage of the median income ranks Nevada 29th among the states in the higher rates they would pay, the study determined.

The biggest increase if the Bush-era and President Obama tax cuts disappear in 2013 would be the 6.82 percent rate paid in New Jersey. The lowest would be the 4.12 percent rate in Washington state.

The total tax increase in Nevada would be $3,211 from 2011 to 2013, with $1,000 coming from the Child Tax Credit, $907 from other Bush era tax cuts, and $1,304 from an increase in the payroll tax, according to the Tax Foundation’s tax policy calculator.

Read the full story at the Nevada News Bureau.

 

Click here to LEARN HOW TO STEAL OUR STUFF!