Once the tax cut proposal unveiled last week by Republicans in the House of Representatives is fully phased in, New Jersey’s wealthiest 1 percent of taxpayers would receive an average $25,100 tax break each year while more than 1 in 4 Garden State taxpayers (27 percent) would pay an average of $2,200 more in a year in federal taxes, according to a new Fact Sheet released today by New Jersey Policy Perspective.

The Fact Sheet, which uses new national data released today by the Institute on Taxation and Economic Policy, finds that New Jersey has the third highest share of households with a tax hike of the 50 states, behind Maryland and California. 

In all, the wealthiest 5 percent of New Jerseyans – those with annual incomes over $440,000 a year – would receive two-thirds (67 percent) of the tax cut coming to the state by 2027, while the bottom 60 percent (everyone earning less than $111,000 a year) would get just 28 percent.