The Hall income tax is a Tennessee state tax on interest and dividend income from investments. It is the only tax on personal income in Tennessee, which does not levy a general state income tax. The current tax rate is 6 percent, applied to all taxable interest and dividend income over $1250 per person ($2500 for married couples filing jointly).
Hawaii earns the most in tax revenue out of any state in the Union. High-income Hawaiians shoulder the brunt of itâ11% for incomes over $200,000. Since the state has some of the countryâs highest earners, that amounts to significant outlays of cash. All told, the state collects $5,606.70 annually for every taxpayer.
Hawaii received other notable mentions. The state is ranked 48th with a marginal personal income tax rate of 11 percent. Just two other states have higher income taxes. New York, at 12.7 percent, is 49th, and California, 5oth, comes in at 13.3 percent. For combined federal corporate tax and state corporate tax rates, Hawaii is listed at 39.2 percent or 2.4 percent below the worst stateâIowa at 41.6 percent. In overall economic outlook, Hawaii was 40th. Senate Minority Leader Sam Slom, a Republican, said he has serious concerns about Hawaiiâs economic outlook.