| Legislative
Bulletin |
September
28, 2001 |
 |
Budget
spells out who will pay higher income tax rate
The
temporary, two-year hike in the state income tax on
high-income individuals, which will sunset after the 2002-03
year, will kick in at different levels for different people.
For next year, these are the new income brackets and tax
rates:
|
For married individuals who file a joint
return
and for surviving spouses:
|
|
|
|
|
|
|
|
Income
Over
|
Up To
|
Rate
|
|
0
|
$21,250
|
6%
|
$21,250
|
$100,000
|
7%
|
|
$100,000
|
$200,000
|
7.75%
|
$200,000
|
NA
|
8.25%
|
|
|
|
|
|
For
unmarried individuals other than surviving
|
|
|
|
spouses
and heads of households:
|
|
|
Income
Over
|
Up
To
|
Rate
|
|
0
|
$12,750
|
6%
|
|
$12,750
|
$60,000
|
7%
|
|
$60,000
|
$120,000
|
7.75%
|
|
$120,000
|
NA
|
8.25%
|
|
|
|
|
|
For
married individuals who do not file a joint return:
|
|
|
|
Income Over
|
Up To
|
Rate
|
|
0-
|
$10,625
|
6%
|
|
$10,625
|
$50,000
|
7%
|
|
$50,000
|
$100,000
|
7.75%
|
$100,000
|
NA
|
8.25%
|
|
|
|
|
|
For
heads of households:
|
|
|
|
Income Over
|
Up To
|
Rate
|
|
0
|
$17,000
|
6%
|
|
$17,000
|
$80,000
|
7%
|
$80,000
|
$160,000
|
7.75%
|
|
$160,000
|
NA
|
8.25%
|
|
|
|
|
Return to Page One
|
|
|
