State Individual Income Tax Rates and Brackets for 2023
Individual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections:
Featured Articles
State and Local Sales Tax Rates, Midyear 2023
Compare the latest 2023 sales tax rates as of July 1st. Sales tax rate differentials can induce consumers to shop across borders or buy products online.
State Corporate Income Tax Rates and Brackets for 2023
New Jersey levies the highest top statutory corporate tax rate at 11.5 percent, followed by Minnesota (9.8 percent) and Illinois (9.50 percent). Alaska and Pennsylvania levy top statutory corporate tax rates of 9.40 percent and 8.99 percent, respectively.
All Related Articles
Compare Tobacco Tax Data in Your State
In the United States, tobacco is taxed at both the federal and state and sometimes even local levels. These layers of taxes often result in very high levels of taxation—the highest of any consumer item. The retail price of cigarettes, for instance, is more than 40 percent taxes on average. In some states, like Minnesota and New York, more than 50 percent of the price paid by consumers comes from taxes.
Ranking Sales Taxes on the 2023 State Business Tax Climate Index
An ideal sales tax applies to a broad base of final consumer goods and services, with few exemptions, and is levied at a low rate.
Ranking Individual Income Taxes on the 2023 State Business Tax Climate Index
Individual income tax rates can influence location decision-making, especially in an era of enhanced mobility, where it is easier for individuals to move without jeopardizing their current job, or without limiting the scope of their search for a new one.
Does Your State Tax Recreational Marijuana?
Recreational marijuana taxation is one of the hottest policy issues in the U.S. Currently, 21 states have implemented legislation to legalize and tax recreational marijuana sales.
Does Your State Have a Throwback or Throwout Rule?
While throwback and throwout rules in states’ corporate tax codes may not be widely understood, they have a notable impact on business location and investment decisions and reduce economic efficiency.
Facts & Figures 2023: How Does Your State Compare?
Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
Does Your State Levy a Capital Stock Tax?
States can better position themselves for success by moving away from economically-damaging taxes like the capital stock tax.
Does Your State Have a Gross Receipts Tax?
Gross receipts taxes impose costs on consumers, workers, and shareholders alike. Shifting from these economically damaging taxes can thus be a part of states’ plans for improving their tax codes in an increasingly competitive tax landscape.
State Individual Income Tax Rates and Brackets for 2023
Individual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections:
State and Local Sales Tax Rates, 2023
While many factors influence business location and investment decisions, sales taxes are something within policymakers’ control that can have immediate impacts.