December 18, 2020

Income Tax Brackets 2020

Income Tax Brackets 2020 financial Planner and I want to share with you right now an email that I just got a couple hours ago here two hours ago from the.

Tax Foundation and it's titled 2019 income tax rates in California so let's take a look at this 2019 State individual income tax rates there are a major source of state government revenue, accounting for.

37% of state tax collections 41 States tax wages and salaries while two New Hampshire and Tennessee exclusively tax dividend and interest income that's interesting and then. There are seven states that levy no income tax at all that's pretty nice of those taxing, wages nine have single tax rate structures one applying to all taxable income conversely 32 states levy a graduated tax rate and that's how it is here in California so. Let's go ahead and take a look at states with the highest individual income tax rate and the winner is California right here 13.3%, so, that's the highest tax rate that's out there in terms of state income tax so California congratulations you're the winner of course that means we're the loser because.

We pay the highest rate but what I found interesting here in the top five is you've got Hawaii here at 11%, the new jersey at 10:00 and then Oregon our neighbors to the north they're here in the top five as, well at nine point nine percent if you're looking for states, with the lowest individual income tax rates then you'll find Tennessee at two percent followed by North Dakota two point nine Pennsylvania three point. Zero seven Indiana at three point two three and then Michigan at four point two five if you have any.

Questions about your retirement plans taxes investments insurance bill free to reach out to me anytime .

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