Indiana taxpayers rank 13th in a list of states’ residents who would be most affected if the country goes over the so-called fiscal cliff, according to a report released Monday.
Almost 90 percent of Americans would face higher taxes next year if Congress fails to avert the scheduled $400 billion in tax hikes and $100 billion in spending cuts. Economists predict going over the fiscal cliff could send the country back into recession.
Taxes for the typical Hoosier family would increase by 5.27 percent of income, based on estimates using Census and IRS data, said the Tax Foundation, a non-partisan, Washington-based research organization.
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