Minnesotans Earning $75,000+ Are Some of the Highest Taxed in America
In real estate, it's always been all about location, location, location.
But it turns out location also factors heavily into just how much of your hard-earned income you pay to the government each and every year.
New figures released by the Tax Foundation show that Minnesotans making a certain amount of money are taxed at one of the highest rates in America.
Single filers earning in excess of $75,000 a year in the North Star State pay the fourth-highest rate of state income tax in the nation.
Based on effective tax rates, which represent the actual percentage paid on all taxable income, a Minnesotan earning $75k would pay $3,724 in state taxes, at a rate of 4.97%.
Only residents of Oregon, Hawaii, and Montana pay more.
STATES WHERE PEOPLE EARNING $75,000 OWE THE MOST STATE INCOME TAX
- Oregon: $5,814
- Hawaii: $5,165
- Montana: $3,950
- Minnesota: $3,724
- Georgia: $3,674
- Mississippi: $3,635
- West Virginia: $3,620
- Delaware: $3,609
- Illinois: $3,592
- Maine: $3,578
Iowa's effective rate of 4.25 percent is the 13th highest in America.
South Dakota is one of seven states with no state income tax, joining Alaska, Florida, Nevada, Tennessee, Texas, and Wyoming.