Another Reason to Vote With Your Feet: Taxpayers in These States to See Tax Relief in 2024

It turns out incentives matter. Who knew? People in these states will be relieved, and people in higher-tax states will be incentivized to move when seeing which states will see cuts in marginal state income tax rates in 2024.

At least 12 states, a majority led by Republicans, will reduce taxes for residents in some form this year, according to the Tax Foundation, a nonpartisan group that lobbies for lower taxes.

Here is a closer look at where state taxes are being reduced.

The states are:

• Arkansas
• Connecticut
• Georgia
• Indiana
• Iowa
• Mississippi
• Montana
• Nebraska
• New Hampshire*
• North Carolina
• Ohio
• South Carolina

* – New Hampshire isn’t cutting marginal state income tax rates but is instead phasing out a tax on interest and dividend income.

Note that most of these states (Connecticut being a notable exception) are Republican-controlled states. This is a big deal, of course, for those tax refugees from the high-tax blue states (but I repeat myself) that Sister Toldjah told us about on Tuesday.

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