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Tax Foundation releases latest Midwest findings

(The Center Square) – The Tax Foundation recently rolled out its latest round of Facts and Figures resource that compares all states on more than 40 measures of tax rates, collections, burdens and more.

Among many findings, the report said that in fiscal year 2021, Minnesota collected among the top per capita taxes in the nation, far outranking nearby Great Lakes states.

The Tax Foundation calculated data based on the U.S. Census Bureau’s Annual Survey of State Government Tax Collections.

Minnesota’s collections per capita were $5,571, or the fifth most in the country. Only Vermont ($6,356), California ($6,325), Connecticut ($6,120) and Hawaii ($5,582) outpaced it.

Wisconsin ranked 22nd, with $3,782 collected per capita while Iowa ranked 24th, with $3,701 per capita tax collections. Michigan ranked 28th, with $3,426 per capita collections.

In fiscal year 2021, Minnesota’s revenue per capita was $9,309, or the 14th highest in the country. Iowa (29th, $8184), Michigan (31st, $7,859) and Wisconsin (33rd, $7,688) trailed behind.

That year, Minnesota had more debt per capita than Iowa ($2,891 vs $1,998), but less than Wisconsin ($3,728) and Michigan ($3,345).

Minnesotans’ income ranked higher around that time too. In calendar year 2021, Minnesotans’ income per capita ranked 13th in the nation, at $66,280. Wisconsin’s was 27th, at $59,626. Iowa’s was 30th, at $57,163, while Michigan’s was 35th, at $56,494.

In calendar year 2022, Minnesota’s tax burden was higher than that of the other states, but by a closer margin in terms of ranking.

Its state-local tax burden as a share of state income was 12.1%, or 39th lowest, at $7,763. Iowa’s state-local tax burden as a share of state income was 11.2%, 34th lowest. The total tax burden per capita was $6,086. Wisconsin’s was 32nd lowest, at 10.9%, or $6,231. Michigan had the fifth lowest state-local tax burden as a share of state income, 8.6%, or $4,720.

 

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