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1 Katherine Loughhead, State Individual Income Tax Rates and Brackets for 2021 1 (2021)

handle is hein.taxfoundation/seilietx0001 and id is 1 raw text is: State Individual Income Tax Rates and Brackets for 2021 FI SCAL Katherine Loughhead FACT Senior Policy Analyst No. 750 Feb. 2021 Key Findings Individual income taxes are a major source of state government revenue, accounting for 38 percent of state tax collections in fiscal year 2018, the latest year of data available. Forty-two states levy individual income taxes. Forty-one tax wage and salary income, while one state-New Hampshire-exclusively taxes dividend and interest income. Eight states levy no individual income tax at all. Of those states taxing wages, nine have single-rate tax structures, with one rate applying to all taxable income. Conversely, 32 states and the District of Columbia levy graduated-rate income taxes, with the number of brackets varying widely by state. Hawaii has 12 brackets, the most in the country. States' approaches to income taxes vary in other details as well. Some states double their single-bracket widths for married filers to avoid a marriage penalty. Some states index tax brackets, exemptions, and deductions for inflation; many others do not. Some states tie their standard deductions and personal exemptions to the federal tax code, while others set their own or offer none at all. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. ©2021 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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