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The reduced income tax rates kick in with the 2023 tax year. Nuad Contributor / Shutterstock.com
Eleven states have lowered their personal income tax rates for the 2023 tax year, the one for which returns are due in spring 2024. Meanwhile, one state raised its tax rate for residents earning more than $1 million a year, according to a recent report from the Tax Foundation. Here’s the rundown of states that lowered their personal income tax rates for 2023 — with a few reducing rates even more…
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