Now we know why Kamala loves her some Tim Walz.
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Minnesota’s New Tax-and-Spend Policy Is a Precarious Experiment
New progressive programs in Minnesota—and their supporting tax policies—will test whether states can enact changes typically under the federal government’s purview, says Mark Haveman of the Minnesota Center for Fiscal Excellence.
Top 10 highest income tax rates by state for 2023:
- California: 13.3% for individuals earning more than $1 million. A 1% surcharge for mental health services applies to this income bracket.
- Hawaii: 11% for singles earning over $200,000 and couples earning over $400,000.
- New York: 10.9% applies to individuals earning more than $1,077,550 and couples earning more than $2,155,350.
- New Jersey: 10.75% on income over $5 million.
- Oregon: 9.9% for single filers earning over $125,000 or joint filers over $250,000.
- Minnesota: 9.85% for individuals earning more than $164,400 and couples more than $273,470.
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Income Tax by State: Which Has the Highest and Lowest Taxes?
Get a detailed overview of how income tax varies by state. Learn which states have the highest and lowest taxes and how this impacts your finances.