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State adjusts income tax brackets

Posted by: under Minnesota legislature, State budgets Updated: November 15, 2013 - 1:20 PM

The Minnesota Department of Revenue has released the adjusted individual income tax rates for 2014.

The tweaks are designed to ensure that rising interests rates don't bump taxpayers into higher tax brackets while their incomes remain stagnant. Those adjustments do not change the tax rates that apply to each income bracket.

In the coming year, the marginal state income tax rates will range from 5.35 percent for the lowest income bracket -- individuals earning less than $36,080 a year -- up to 9.85 percent for the wealthiest 2 percent of Minnesotans -- individuals who earn more than $152,541 or couples filing jointly who earn more than $254,241. The Legislature created the new fourth income tax tier in the last session, as part of the $2.1 billion tax bill.

Read the full announcement here.

See the current tax brackets here.

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