The Homa Files

Well, based on data from the Tax Foundation, it’s really the rich folks living in NJ (and NY, CT, MD, and HI) that have the problem: they pay the highest state and local taxes in the country — a point or two higher than the national average 9.7%.

Add that to the federal income tax rate — with a top bracket rate of 35% that’s possibly going to 39.5%; Social Security & Medicare “contributions” that total 15.3% for the  first $102,000 in income (counting employers’ matching payments) … and you’re suddenly talking real money.

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Reminder: State & Local taxes are disallowed “preference items” when folks calculate their Alternative Minimum Tax

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click table to make it bigger

click table to make it bigger

Adapted from:Tax Foundation data:
http://www.taxfoundation.org/taxdata/show/336.html 

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This entry was posted on August 11, 2008 at 6:59 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.