Where Does Minnesota Rank in Tax Rates?
I have heard it said that Minnesota has one of the HIGHEST tax rates in the Country, and I, well, I believed it. After all, all those people who shared it can't be wrong can they? As it turns out, they can be wrong, and they are. We are not even in the top 10 for the highest tax rate, not even the top 25.
So where exactly does Minnesota rank? According to a study by Wallethub, MN is number 30. We are in the bottom half, and this is one list we are ok not to be on top of, or even in the top 10. For those who want to know, here are the top 10 ranked states for tax rates:
- New York
- Rhode Island
The bottom ten states are:
Two of our neighboring states actually have a higher tax rate than us, Wisconsin and Iowa. Iowa surprised me, I thought it would be cheaper, tax-wise, to live there. Nope, and they are in the top 10.
Minnesota is not in the top 5 for highest gas taxes, cigarette taxes, and they are one of 35 states that do not tax food, unless you are buying junk food, or prepared food from a gas station, restaurant, etc.