With the tax deadline (theoretically) in our rearview mirror, it’s time to check out the annual report from our friends at the national Tax Foundation.
This is their report, entitled “Facts & Figures 2022: How Does Your State Compare?” and it’s an excellent guide to state tax rates, state tax burdens, state business climates, and other important data points.
Most importantly, while most of us filed our returns this spring and are starting to focus on the important elections coming up this November, this is a handy reference guide to see how Minnesota’s uncompetitive tax rates compare to the rest of the country.
Spoiler Alert I: Minnesota ranks 45th – FORTY FIFTH! – out of 50 states when it comes to business tax climate. It’s no wonder businesses migrate from Minnesota and head to business friendly areas like Sioux Falls (South Dakota ranked the 2nd best business tax climate).
Spoiler Alert II: When it comes to state-local tax burdens per capita and as a percentage of income, Minnesota ranks 46th – FORTY SIXTH!!
Check out this informative report, that doesn’t shed much positive light on Minnesota, here.