Some Americans can start the new year knowing they may get an income tax break.
The tax cut isn’t coming from the federal government, but a handful of states. Eight states lowered their income tax rate, effective Jan. 1, according to the nonprofit thinktank Tax Foundation.
By putting more money in their residents’ pockets, states hope to spur economic growth and attract more workers, businesses and investments, experts said.
The cuts “demonstrate that states continue to embrace reforms that will give them a competitive edge and promote continued economic growth for years to come,” the Tax Foundation said.
Tax rates are falling in these states:
