Millions of Americans started the new year with lighter tax burdens after eight states officially lowered their income tax rates on 1 January, marking another assertive move in the ongoing competition among US states to attract workers, businesses, and investment.
The reductions affect residents in Indiana, Kentucky, Mississippi, Montana, Nebraska, North Carolina, Ohio, and Oklahoma, according to an analysis by the Tax Foundation, a nonprofit think tank. For households still grappling with elevated living costs, the cuts offer modest but welcome relief in their pay packets.
