Arkansas — falling
A law (regarding corporate tax rates) presented by Arkansas two years ago was pretty clear: reduced rates and decreased personal income taxes. However, back then, it wasn’t passed due to various reasons.
Thankfully, that day finally came, and all Arkansas taxpayers should be happy that the number of tax brackets will be reduced by one, from four to three. To be more specific, the top marginal rate for Arkansas residents who earn more than $79,300 will be 5.9 percent, instead of 6.6 percent.
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Connecticut — falling
If you’re an older investor who lives in Connecticut, it’s about time to open that champaign bottle you keep for special occasions. Wondering why? Because Connecticut is planning to increase the tax exemption rate when it comes to annuity and pension income. This year, the exemption will see a 42 percent increase.
