For many, this won't even begin to offset the increase in income and property taxes from this notoriously high-tax state. Individual or business, you're likely to pay more.
http://money.cnn.com/gallery/smallbusiness/2012/10/15/state-...
>>The income tax has a top rate of 8.95%. This ranks as the sixth-highest in the U.S., although it only applies to taxpayers making over $413,350 per year. Meanwhile, total state and local sales taxes range from 6% to 7%.
>>There are five income brackets. The highest marginal rate is 8.95% on any income over $388,350. That's on top of federal income taxes.
>>Businesses pay an effective property tax rate of 5.27%, the third highest in the country.
>>At 6%, sales taxes are also on the high side. Meanwhile, those businesses that pay corporate taxes get hit with an 8.5% rate for any profit made above $25,000.
http://money.cnn.com/gallery/smallbusiness/2012/10/15/state-...
>>The income tax has a top rate of 8.95%. This ranks as the sixth-highest in the U.S., although it only applies to taxpayers making over $413,350 per year. Meanwhile, total state and local sales taxes range from 6% to 7%.
>>There are five income brackets. The highest marginal rate is 8.95% on any income over $388,350. That's on top of federal income taxes.
>>Businesses pay an effective property tax rate of 5.27%, the third highest in the country.
>>At 6%, sales taxes are also on the high side. Meanwhile, those businesses that pay corporate taxes get hit with an 8.5% rate for any profit made above $25,000.