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State Representative Michael Beard
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-8872
For more information contact: Jodi Boyne 651-296-0640
NEWS COLUMN
DON'T FORGET THE PROPERTY TAX REFUND!
Have you filed for a property tax refund yet? The deadline is Friday, August 15! Refunds are available for homeowners and renters. Visit http://taxes.state.mn.us/ to find out how to apply!
The nonpartisan Tax Foundation released its annual report on state and local tax burdens last week. This year Minnesota ranks as having the 12th highest state and local tax burden. Minnesotans pay an average of 10.2 percent of their income for state and local taxes. New Jersey had the highest of any state at 11.8 percent. The lowest is Alaska’s 6.4 percent.
More info from the Tax Foundation is available online: http://www.taxfoundation.org/taxdata/topic/37.html
What about federal taxes? Here is an interesting breakdown of the federal income tax from the IRS:
The top 1 percent of earners make 22 percent of the money in America and pay 40 percent of income taxes;
The top 10 percent of earners make 47 percent of the money in America and pay 71 percent of income taxes;
The top 25 percent of earners make 68 percent of the money in America and pay 86 percent of income taxes;
The top 50 percent of earners make 87 percent of the money in America and pay 97 percent of income taxes;
The bottom 50 percent of earners make 13 percent of the money in America and pay 3 percent of income taxes;
The Tax Foundation also lists Minnesota as a “donor state” because we collectively pay more in federal taxes than our state receives in federal spending. From their website: “Minnesota taxpayers receive less federal funding per dollar of federal taxes paid compared to the average state. Per dollar of Federal tax collected in 2005, Minnesota citizens received approximately $0.72 in the way of federal spending. This ranks the state 46th highest nationally and represents a decrease from 1995 when Minnesota received $0.78 per dollar of taxes in federal spending (44th highest nationally).”
I hope you find this information useful.
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