Sunday, February 13, 2005

An even uglier tax truth

Yikes! I made an error in my posting about state and local taxes. I erroneously stated that the wealthiest 1% of Minnesotans (earning more than $402,294 a year) pay an effective state and local tax rate of 10.1% while the poorest 10% (earning $10,235 and less) pay an effective state and local tax rate of 17.9%

The truth is even uglier than that.
The top 1% of earners in Minnesota pay just 8.2% of their income in state and local taxes, not 10.1%.

That's less than half of the 17.9% rate paid by the Minnesotans who earn the least.


I am humbled by my error.

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