{"id":1791403,"date":"2022-12-31T10:35:25","date_gmt":"2022-12-31T15:35:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1791403"},"modified":"2022-12-31T10:35:32","modified_gmt":"2022-12-31T15:35:32","slug":"11-states-are-poised-to-cut-income-taxes-in-2023","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/11-states-are-poised-to-cut-income-taxes-in-2023\/","title":{"rendered":"11 States Pose to Reduce Income Taxes by 2023"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2F11-states-are-poised-to-cut-income-taxes-in-2023%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1791403&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div><img decoding=\"async\" src=\"https:\/\/justthenews.com\/sites\/default\/files\/styles\/social_media_share\/public\/2020-03\/GettyImages-51558359.jpg?h=69f2b9d0&#038;itok=Rw1ewidK\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p>On Jan. 1, eleven states will lower their individual income tax rates.<\/p>\n<p>Arizona, Idaho, Indiana, Iowa, Kentucky, Mississippi, Missouri, Nebraska, New Hampshire, New York, and North Carolina will cut the individual income tax rate on New Year\u2019s Day, according to the Tax Foundation. More than 20 states have reduced individual income tax rates in the last two years.<\/p>\n<p>Three of these states \u2013 Arizona, Idaho, and Mississippi \u2013will also move away from a graduated-rate income tax to a flat tax where all income is taxed at the same rate regardless of income level, the Tax Foundation reported.<\/p>\n<p>According to the Tax Foundation, only one state is increasing its individual income taxes. That&#8217;s Massachusetts. The state will shift from a flat rate tax of 9% to a graduated-rate rate tax of 9% on household incomes over $1 million.<\/p>\n<p>The Tax Foundation reports that Hawaii and Illinois expanded their tax credit program. This reduces the final dollar amount on the tax bill instead of reducing taxable income.<\/p>\n<p>According to the United States Census, states with low or non-personal income tax rates are amongst the most rapidly growing. <a href=\"https:\/\/www.census.gov\/newsroom\/press-releases\/2022\/2022-population-estimates.html\" target=\"_blank\" rel=\"noopener\">data<\/a> Source: U.S. Census. The U.S. Census lists North Carolina, Idaho and Florida as the states included.<\/p>\n<p>According to the Tax Foundation, Florida doesn&#8217;t have an income tax. Idaho and North Carolina, however, have flat income taxes.<\/p>\n<p>According to the Tax Foundation: Nebraska, Alabama and Delaware enacted exemptions for a part to all of their retirement income or military pensions.<\/p>\n<p>Gary Wolfram, Hillsdale College Professor and Economics, stated to The Center Square: States with lower income taxes tend to attract more businesses and economic activity.<\/p>\n<p>\u201cStates with lower income taxes attract economic activity,\u201d Wolfram stated. \u201cThe latest census data on state population growth is evidence of the fact. This results in job opportunities and increases in property values that particularly benefit the median income earners.\u201d<\/p>\n<p>Data from the U.S. Census show that states like New York, Hawaii and California have shrinking populations. These states also rank among the top ten states that have the highest income tax, with California at 13.3%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Jan. 1, eleven states will lower their individual income tax rates. Arizona, Idaho, Indiana, Iowa, Kentucky, Mississippi, Missouri, Nebraska, New Hampshire, New York, and North Carolina will cut the individual income tax rate on New Year\u2019s Day, according to the Tax Foundation. More than 20 states have reduced individual income tax rates in the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1706659,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[8016,5458,8009,9656,7104,3819,10964],"class_list":["post-1791403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-8016","tag-bongino","tag-income","tag-pose","tag-reduce","tag-report","tag-taxes"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1791403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1791403"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1791403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1706659"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1791403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1791403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1791403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}