How does your state’s income tax rate compare to others? – The Washington Post
9 years ago
California and Hawaii are amazing places to live, but if you’re wealthy they will charge you for the privilege. A new chart created by Nathan Yau of the blog Flowing Data compares each state’s income tax brackets and rates using data from the Tax Foundation. The scale at the bottom shows how much an individual has to make to be subject to each rate. The darker the shade, the higher the rate.
The chart shows the states in descending order in terms of the income tax rates paid by their wealthiest citizens. California and Hawaii rank at the top, charging their wealthiest residents 10 percent or more. Both states have a very progressive income tax structure, which charges the poorest people relatively little and the richest people relatively more. They are followed by Oregon, Minnesota, Iowa, New Jersey, Vermont, Washington, DC, New York, Maine and Wisconsin, which charge their wealthiest citizens between 7.5-10 percent of their income. You might be surprised just how many states charge a relatively or totally flat tax rate, which takes the same percentage of your income no matter how much you earn. New Mexico, Kansas, Arizona, North Dakota and Pennsylvania rank toward the bottom of the graph, with flat or nearly flat tax rates. Illinois, Colorado, Michigan and Indiana charge a flat rate based on federal income, while Tennessee and New Hampshire tax only interest and dividends. Seven states charge no income tax at all: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. This post comes via Know More, Wonkblog’s social media site.
How does your state’s income tax rate compare to others? – The Washington Post.