Millionaire Concentration vs. State Top Income Tax Rate, 2023

Circles = states, sized by total state tax filers. Linear regression weighted by total tax filers in 2023. Milllionaires = AGI ≥ $1M. Y-axis: per 1,000 tax filers NH, TN, and WA have taxes on investment income only. Rates shown are blended effective rates: statutory rate x share of $1M + AGI subject to tax.
Source: Milllionaires: IRS SOI Historic Table 2. Tax rates: Tax Foundation.Get the dataDownload image