(KNSI) – Minnesota residents are shouldering one of the highest tax burdens in the nation, according to finance website WalletHub.
A study shows the state’s average tax rate is 9.95%, seventh highest across America. The overall figure is a combination of income, property, sales, and excise taxes.
It should be noted that two of the three components are around the national average. Of 50 states, Minnesota is 22nd in property taxes and 28th in sales taxes. The levy on income, fourth highest in the country, pushes up the overall impact.
New York State is the worst at over 12%. Alaska is first at under 5%, thanks in large part to its wealth of natural resources. Oil revenue, in particular, helps to fill government coffers.
Minnesota has the highest tax rate among its neighbors. The Dakotas are both among the ten lowest. Wisconsin and Michigan come in the bottom half. Iowa is 15th compared to Minnesota’s seventh.
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