6 States With Millionaire Taxes

If my state raised state taxes, I am moving to another state.

Summarized from the article: https://www.fool.com/taxes/2017/06/18/6-states-with-millionaire-taxes.aspx by Dan Caplinger

1. California: has 10 different tax brackets, starting 1% on the first $8,015 of income for single filers. However, the top 13.3% tax bracket takes effect for singles earning $1 million or more.

2. Connecticut
   The top rate of 6.99% applies to joint filers with income of $1 million or more. Connecticut has the second-highest concentration of millionaires in the U.S. However, like many Northeastern states, Connecticut continues to see wealthy people move south.

3. Maine
   For those making more than $200,000, the rate goes from 7.15% to 10.15%.

4. New Jersey
   In New Jersey, the 8.97% is for $500,000 or more, whether filing singly or jointly. They are now planning on adding another bracket for $1 million. Purpose to fund state pensions. Just unbelievable.

5. New York
   8.82% rate that applies to singles with taxable income of $1,077,500. Joint filers with income of $2,155,350 also pay the higher rate, which is almost 2 percentage points more in tax than the next higher bracket.

6. Washington, D.C.
   For those with incomes of more than $1 million, the tax rate gets a 0.2 percentage point boost to 8.95%.