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The 27 US states where millionaires face the highest taxes

Business Insider Logo By Hillary Hoffower of Business Insider | Slide 1 of 28: 
  The new GOP tax law may have
    changed a few things, but it still follows America's progressive tax
    system - the more money you earn, the more taxes you pay.
  
  When it comes to 
    state income tax, how much you owe varies by state.
  
  
    Using the Tax Foundation, we found the
    states with the highest top tax rate.
  

  The new GOP
  tax law may be shaking things up this tax season, but the
  gist remains the same: The more money you make, the more taxes you pay.

  That's because America operates on a 
  progressive tax system - as a person earns more and
  progresses through tax brackets, their tax rate increases for each level of income.

  To get your taxable income, subtract the standard deduction from
  your annual income. Your tax bracket applies only to the amount
  you earn above the minimum income threshold for that bracket. For
  income below that limit, you pay the same federal income tax
  amount as everyone else, even if they earn less overall.

  But that's at the federal level - when it comes to state income tax, how much you
  owe varies by state, especially if you're a top earner.

  Using the Tax Foundation, we found the
  top 27 states with the highest top tax bracket for single filers
  in 2018. Most states operate like the federal government and
  impose marginal tax rates, some impose a flat tax, and a few
  don't tax income at all.

  Below, see the states where top earners face a tax rate of
  6% or more. Several states impose the same top tax rate; in the
  event of a tie, the states are ranked alphabetically.

See where top earners face a tax rate of 6% or more

The new GOP tax law may be shaking things up this tax season, but the gist remains the same: The more money you make, the more taxes you pay.

That's because America operates on a progressive tax system -- as a person earns more and progresses through tax brackets, their tax rate increases for each level of income.

To get your taxable income, subtract the standard deduction from your annual income. Your tax bracket applies only to the amount you earn above the minimum income threshold for that bracket. For income below that limit, you pay the same federal income tax amount as everyone else, even if they earn less overall.

But that's at the federal level -- when it comes to state income tax, how much you owe varies by state, especially if you're a top earner.

Using the Tax Foundation, we found the top 27 states with the highest top tax bracket for single filers in 2018. Most states operate like the federal government and impose marginal tax rates, some impose a flat tax, and a few don't tax income at all.

Click ahead to see the states where top earners face a tax rate of 6% or more. Several states impose the same top tax rate; in the event of a tie, the states are ranked alphabetically.

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