Thursday, March 28, 2024
HomeBreaking NewsMinnesotans pay 13th-highest lifetime taxes, data says

Minnesotans pay 13th-highest lifetime taxes, data says



(The Center Square) – Minnesotans pay roughly $649,130 of taxes in their lifetime, ranking the Gopher State 13th in the nation according to a Self study.

The study pulled data from the Bureau of Labor Statistics, the Tax Foundation, the Hamilton Project, World Population Review, and StatsAmerica.

The top highest-taxed lifetime states are

  • New Jersey: $931,698 (49.51% of earnings as taxes)
  • Rhode Island: $766,521 (46.73% of earnings as taxes)
  • New Hampshire: $778,837 (45.99% of earnings as taxes)

The data found the average American pays $525,037 in lifetime taxes or an average of 34.3% of all lifetime earnings.

The lowest-taxed lifetime states are:

  • Alabama: $322,419 (24.48% of earnings as taxes)
  • Louisiana: $339,910 (24.54% of earnings as taxes
  • West Virginia: $321,023 (25.13%)

Here’s a breakdown of the average American’s tax spending INSERT GRAPH









Self tax breakdown

A breakdown of the average taxes an American pays in a lifetime. 




Tax on earnings is where most tax will come from, with the average American paying $339,173 in a lifetime

Owning a car will cost an additional $29,521 in tax payments alone

Tax on property will set you back an additional $128,581 above the property price and maintenance

The study excludes inheritance tax, marriage, and included tax breaks, and assumes a 36-year worklife to analyze income tax estimates.

Minnesota lifetime taxes on earnings ($443,436) exceed the national average by more than $100,000. Car payment lifetime taxes totaled $37,030, while lifetime property taxes reached $138,470.



RELATED ARTICLES

Most Popular

Recent Comments