Wednesday, March 26, 2008

State Income Taxes

State Income TaxesState income tax From Wikipedia, the free encyclopedia

State income tax is an income tax in the United States that is levied by each individual state.
Some states choose to impose no income tax. These states are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Additionally, New Hampshire and Tennessee limit their state income taxes to dividends and interest income only. As of 2007, the highest rate of state income tax is that of Vermont, with a maximum rate of 9.5%. Of those states which impose an income tax, the lowest maximum rate is that of Illinois, which levies a flat tax of 3%.

Most states (36) have a progressive income tax, where the rate rises as an income gets larger. In California, for instance, the rate begins at 1% at $6,622 in income and rises to 9.3% over $43,468. In 2005, California added a mental health tax of 1% on incomes greater than $1,000,000, making the marginal income tax rate in California 10.3% at the extreme income ranges.

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