Monday, April 06, 2009

We're already paying for a better Minnesota 

We're #4, says Forbes, of the most taxed states:
Average tax burden per person: $3,203

Most states either have high income taxes or high sales taxes, but in Minnesota, residents are treated to the pleasure of both. When average Minnesotans look over their yearly bills, individuals will find $1,495 gone away to pay income tax and $1,429 thanks to sales tax.
Here's the background story. Taxes included are "property, individual income, sales, alcoholic beverages, tobacco, motor vehicles, hunting and fishing, motor fuels, death and gift taxes, as well as insurance premiums. Adding up total receipts and then dividing by the number of citizens, we arrived at our tax-burden-per-person metric." Data for July 2007 to June 2008. The article discusses the cyclical nature of state budgets as well. On how to decrease the cyclical nature of state budgets, see this and in particular Finding #9.

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