Income Tax Rates Are on The Decline, If You Live in One of These States

Ready to be done thinking about taxes this year? With two weeks to go till April 15, you'd be forgiven for being sick of it all by now, but depending on where you live, you've got a little bit of a break this year: lowered state income taxes. Tax rates vary from state to state -- as opposed to federal tax rates -- but they always involve collecting a portion of your income from each paycheck. The percentage collected can vary significantly depending on where you live and how much you make. The highest rate in the US is the 13.3% collected in California from those making over $1 million a year, while states including Alaska, Florida and Nevada collect no income tax at all. If you live in one of nine specific states, however, you're likely to see your take-home pay increase a bit, after lawmakers in those states cut their income tax rates as of Jan. 1. Some of these cuts are minimal, while others are a bit more substantial. Read on for all the details about which states have lowered t ... Read full article.