Tuesday, February 28, 2006
You're paying to do business here
The Tax Foundation has come out with a new listing of which states have the best business climate. Minnesota comes in at 38th overall, 41st in state business taxes. At least this is an improvement over its 41st overall ranking in 2004, but it's nothing to write home about (or for some incumbents to hang their hats on in the next election.) Other facts about Minnesota from the study:
Categories: economics, Minnesota
- sixth highest effective income tax rate on business income (where we have in fact gone backwards from 2004) -- we pay a flat rate of 9.8% on every dollar of income;
- there is an alternative minimum tax in Minnesota for both corporations and individuals (I didn't know that);
- we have the highest maximum tax rate for unemployment insurance in the country.
Categories: economics, Minnesota
