Report: Fiscal Cliff Could Mean 5% Increase in Taxes for Nevadan - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Report: Fiscal Cliff Could Mean 5% Increase in Taxes for Nevadans

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According to a new report by the Tax Foundation, a local family of four would see a nearly 5% tax hike next year if the so-called "fiscal cliff" isn't avoided.

That puts us 29th in the country when it comes to increasing tax rates, based on a Nevada family of four with a median income of $65,212.

Looking at those numbers more closely the report says Nevada families could expect a $3,211 increase from 2011 to 2013.

If an agreement can't be reached in Washington, D.C.; the highest estimated increase is expected to be in New Jersey. The report estimates a 6.82% climb there and the smallest increase would likely be in Washington state at 4.12%.

To see the entire report for yourself, click here.

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