Facing budget shortfalls, revenue-hungry states are raising personal income tax rates. As they do, some are targeting the better-off. In May, Hawaii displaced California as the state with the highest rate when it imposed a new top rate of 11% on income above $400,000 for a married couple.
In April, New York raised its top rate by 31% - to 8.97% from 6.85% - but only on incomes over $500,000. Add in the local tax and Big Apple residents pay a 12.62% combined rate, the highest in the nation. The average rate, in the 43 states that levy income taxes: 6.5%.
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