(See Minnesota Statute 290.06. Income tax rates are also set by the law. The indexed brackets are adjusted by the inflation factor and the results are rounded to the nearest 10. This article first appeared on MinnPost and is republished here under a Creative Commons license. Under state law, Minnesota’s income tax brackets are recalculated each year based on the rate of inflation. Wisconsin State Legislature General Fund Taxes Omnibus Motion Wisconsin State Legislature Fiscal Estimate - 2023 SessionĬROWE The Economic Impact of Lowering Income Tax Rates in WisconsinĭrydenWire (3:25) Senator Romaine Quinn Talks Wisconsin Budget Iowa Department of Revenue 2023 Changes to Iowa Individual Income Taxįederation of Tax Administrators State Individual Income Taxes Tax Foundation State Individual Income Tax Rates and Brackets for 2023 Minnesota Department of Revenue Minnesota Income Tax Rates and Brackets This fact brief, originally published by Wisconsin Watch, is responsive to claims such as this one. Residents earning $1 million or more would save an average $30,286.A Wisconsin 3.25% flat tax would raise gross state product 4.5% and after-tax household income 5.27% and drop tax revenue 16.8%, the University of Wisconsin-Madison Center for Research on the Wisconsin Economy said in a February 2023 report. Tony Evers, that would eliminate one of the four tax brackets and reduce all income tax rates. The Wisconsin Legislature approved a 2023-25 state budget, awaiting action by Gov. Iowa currently has a 6% top tax bracket but is phasing in a 3.9% flat rate by tax year 2026. Illinois and Michigan both have flat tax rates of 4.95% and 4.25%, respectively. Wisconsin is next, at 7.65%, for individuals earning over $304,170. Sign up for our newsletter for more stories straight to your inbox.Īmong Midwestern states, Minnesota has the highest income tax rate in the highest-income tax bracket - 9.85% for an individual with annual income over $183,340. You can submit claims you think need checking here. MinnPost is partnering with Gigafact to produce fact briefs - bite-sized fact checks of trending claims. JIs Wisconsin’s income tax rate highest in the Midwest for residents with the highest incomes? Is Wisconsin’s income tax rate highest in the Midwest for residents with the highest incomes?
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