11 States Set To Cut Individual Tax Rates In 2023
View Source | December 31, 2022 12:07 pm
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- Eleven states are set to reduce their individual income tax rates on Jan. 1.
- Those states are: Arizona, Idaho, Indiana, Iowa, Kentucky, Mississippi, Missouri, Nebraska, New Hampshire, New York, and North Carolina.
- Three of these states – Arizona, Idaho, and Mississippi –will also move away from a graduated-rate income tax to a flat tax where all income is taxed at the same rate regardless of income level, the Tax Foundation reported.
- Over the past two years, more than 20 states have cut individual income tax rates.
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