14 states are cutting individual income taxes in 2024. Here are where taxpayers are getting a break.
CBSN
Taxpayers in 14 states could get some financial relief this year thanks to lower individual tax rates enacted in 2024, according to an analysis from the Tax Foundation, a think tank that focuses on taxes.
The reductions represent a continuation of "tax cut fever," as termed by the left-leaning Institute on Taxation and Economic Policy (ITEP). The drive to cut state taxes began during the pandemic when many states found themselves flush with tax revenue. With coffers fat, lawmakers sought to provide some relief to their constituents, typically through tax rebates or rate reductions.
The states that are reducing taxes in 2024 tend to be controlled by Republican lawmakers, although there are some Democratic-controlled states that are also jumping on the tax cut bandwagon. Connecticut, for one, is reducing its tax rates for low- and middle-income residents, while keeping its highest marginal rate unchanged.
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