Minnesota Ranked Least Friendly Tax State in The United States
Ah death and taxes two things you can't avoid, and here in the land of 10,000 lakes we are getting sucked dry on taxes compared to other states around the country.
According to WCCOcbslocal.com finance website Kiplinger released its rankings of the best and worst states for taxes. As for the 10 least tax-friendly states, Minnesota tops the list, then Maryland, New York, Illinois, Maine, Vermont, Hawaii, California, New Jersey and Connecticut.
In Minnesota the state hits the hardest with it's income tax. Sure we don't pay taxes on clothing, but the money has to be made up somewhere right? “Minnesota uses federal taxable income as the starting point for calculating state taxes. An estimated 300,000 Minnesotans will pay higher state taxes due to the loss of personal and dependent exemptions on their federal tax returns,” Kiplinger said.
And according to this study the federal overhaul on taxes could make things even worse for Minnesota residents. Wisconsin is not far behind as a not friendly tax state as well. Looks like I better start saving to move to Florida!