1. A multi-state current-switching magnetic memory element for storing information by switching the magnetic orientation of a magnetic layer thereof when current is applied comprising: a bottom electrode configured to respond to current applied thereto; a first fixed layer formed on top of the bottom electrode and having a fixed magnetic orientation; a first barrier layer formed on top of the first fixed layer; a first free layer formed on top of the first barrier layer, the first fixed layer, the first barrier layer, and the first free layer forming a first magnetic tunneling junction (MTJ), the first free layer having a magnetic orientation that is switchable upon current flowing therethrough; a non-magnetic layer formed on top of the first free layer; a second free layer formed on top of the non-magnetic layer and having a magnetic orientation that is switchable upon current flowing therethrough; a second barrier layer formed on top of the second free layer; a second fixed layer formed on top of the second barrier layer, the second fixed layer, the second barrier layer, and the second free layer forming a second magnetic tunneling junction (MTJ); a top electrode formed on top of the second fixed layer configured to respond to current applied thereto, wherein current is applied either through the top electrode or the bottom electrode to program the multi-state current-switching magnetic memory element, and electrons having spins associated therewith flowing in a direction that is opposite to that of the direction of the current being applied to the multi-state current-switching magnetic memory element, each of the first and second barrier layers serve as a filter for electrons with different spins giving rise to different amounts of tunneling current for electrons with different spins thereby causing two unique resistance values associated with each of the first and the second MTJs for two different magnetic orientations of the first and second free layers.