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Thursday, August 26, 2010

The Top 10 Highest State Capital Gains Taxes: All Obama Blue States

Forbes, Consider State And Local Taxes Before You Take Capital Gains, by Ashlea Ebeling:

The ten highest state taxes on capital gains:

  1. Oregon:  11% (income > $500,000 (couple), $250,000 (single))
  2. California:  10.55% (income > $1 million)
  3. Rhode Island:  9.9% (income > $373,650)
  4. Iowa:  8.98% (income > $64,261)
  5. New Jersey:  8.97% (income > $500,000)
  6. New York:  8.97% (income > $500,000)
  7. Washington, D.C.:  8.5% (income > $40,000)
  8. Maine:  8.5% (income  > $39,550 (couple), $19,750 (single))
  9. North Carolina:  7.9825% (income > $100,000 (couple), $250,000 (single))
  10. Minnesota:  7.85% (income > $132,220 (couple), $74,780 (single))
See also The Top 10 Highest State Income Taxes: All Obama Blue States (Aug. 20, 2010)

http://taxprof.typepad.com/taxprof_blog/2010/08/the-top-10.html

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Comments

What a shock! I'm gobsmacked, I tell you.

Posted by: Woody | Aug 26, 2010 12:22:11 PM

I think you can make the case that Iowa's rate is misleading high in the Forbes table, since federal income taxes are deductible under the Iowa tax. If one nets out the 15% federal tax (assuming it is paid in the same tax year), the effective marginal rate would be 7.633%. This would put Iowa behind Idaho (at 7.8%), which isn't on Forbes list at all.

Posted by: Joel Michael | Aug 27, 2010 8:02:33 AM