The Tax Foundation has released its annual review of income tax rates among the states. There were some big changes in a few states, and overall they were business friendly tax reductions. The Tax Foundation’s Nicole Kaeding writes:
Several states changed key features of their individual income tax codes between 2015 and 2016. These changes include:
- Arkansas lowered its top marginal rate from 7 percent to 6.9 percent on income over $35,100. Also, it adopted a new tax schedule for individuals earning between $21,000 and $75,000 in income. The state now has three tax schedules, with differing rates, depending on income.
- Temporary tax increases expired in Hawaii. The three top rate brackets were eliminated, and the top marginal rate fell from 11 percent to 8.25 percent.
- Maine lowered tax rates and added a third tax bracket. Rates were cut from 6.5 and 7.95 percent to 5.8, 6.75, and 7.15 percent.
- Massachusetts’s rate fell from 5.15 percent to 5.1 percent.
- Ohio’s tax rates decreased with the top marginal rate falling from 5.333 to 4.997 percent.
E.J. Smith - Your Survival Guy
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