The most expensive states for millionaires tax high earners at high rates. (And if you fall into the top federal income tax bracket, the IRS will tax some of your earnings at the 37% rate.)
State income tax rates can climb over 13% in some areas, meaning that some high-earning taxpayers pay more than 50% in taxes on a portion of their income. Here’s what you need to know if you expect to make $1 million in 2023.
