1. Money
Send to a Friend via Email

Discuss in my forum

Most Taxing States for Millionaires

A list of states with income taxes that target high-income taxpayers

By

In the midst of the recession and budget woes, many states are increasing taxes on the wealthy.  These states have implemented what is known as "millionaire taxes," which are top tax brackets or surcharges aimed at high-income taxpayers.

  • California:  9.55% plus an additional 1% surcharge on income over $1 million
  • Connecticut:  6.5% on income over $500,00
  • Hawaii:  11% on income over $200,000
  • Maryland:   6.25% on income over $1 million
  • New Jersey:  8.97% on income over $500,000
  • New York:  8.97% on income over $500,000 through December 31, 2011.  In addition, taxpayers with an adjusted gross income over $1 million cannot claim itemized deductions, except for 50% of their Federal charitable contributions deduction.
  • North Dakota:  4.86% on income over $373,650
  • Oregon:  11% on income over $250,000
  • Rhode Island:  9.9% on income over $373,650
  • Vermont:  8.95% on income over $373,650
  • Wisconsin:  7.75% on income over $225,000

 

©2014 About.com. All rights reserved.