Is the state income tax really 7% (Minneapolis: real estate, renter, private school)

[retinoid]

if you make like 30,000? That is a big deterrent to moving there.

[west336]

IDK...guess so. With that 7% rate though you don't have to pay for good, private schooling, which is practically priceless.

[southernsmoke]

Originally Posted by west336

IDK...guess so. With that 7% rate though you don't have to pay for good, private schooling, which is practically priceless.

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[sholomar]

it's worse then that..

$0+ 5% $22,770+ 7% $74,780+ 8%

There are people that work here in Brookings, SD while living just over the border in MN. Doing that cheapens real estate prices but adds $2694 to their tax bill every year (assuming a 45k income) , plus the cost of commuting. Not worth it to me. I live 6 minutes, or 2.5 miles, from work.

No state income tax here in SD, let's hope it stays that way. In my opinion labor should be taxed less then capital and the speculative sort of paper pushing the ultra rich love to engage in, but it seems like it's always the other way around, with the middle class worker paying better then their fair share, while the ultra rich, and the poor, pay disproportionately less. It's not like giving businesses tax breaks has stopped them from outsourcing, they have for the past 20 years, and continue to rather aggressively. It's all about the bottom line, the stock price.

[retinoid]

Originally Posted by stockwiz

it's worse then that..

$0+ 5% $22,770+ 7% $74,780+ 8%

There are people that work here in Brookings, SD while living just over the border in MN. Doing that cheapens real estate prices but adds $2694 to their tax bill every year (assuming a 45k income) , plus the cost of commuting. Not worth it to me. I live 6 minutes, or 2.5 miles, from work.

No state income tax here in SD, let's hope it stays that way. In my opinion labor should be taxed less then capital and the speculative sort of paper pushing the ultra rich love to engage in, but it seems like it's always the other way around, with the middle class worker paying better then their fair share, while the ultra rich, and the poor, pay disproportionately less. It's not like giving businesses tax breaks has stopped them from outsourcing, they have for the past 20 years, and continue to rather aggressively. It's all about the bottom line, the stock price.

I am from Florida and I don't think I would want an extra 7% to be taken out of my income. That is a lot for Minneapolis. Probably one of the reasons why Florida adds people almost every year.

[sholomar]

Originally Posted by retinoid

I am from Florida and I don't think I would want an extra 7% to be taken out of my income. That is a lot for Minneapolis. Probably one of the reasons why Florida adds people almost every year.

that and it's warm there Perhaps too warm for me, but I'd settle for a place that's at least in the 40's in the winter or has chinook winds that break up the bitter cold from time to time, something, like THIS

History : Weather Underground

[MSMCGirl]

When I moved here from California my income tax when up. So did my quality of life. You get what you pay for. The lowest taxed states have the lowest quality of life (but let's not get into politics).

[Glenfield]

Originally Posted by stockwiz

In my opinion labor should be taxed less then capital and the speculative sort of paper pushing the ultra rich love to engage in, but it seems like it's always the other way around, with the middle class worker paying better then their fair share, while the ultra rich, and the poor, pay disproportionately less.

Despite what it "seems like" to you, the facts are quite different. The top 1% of earn 20% of all income but pay 38% of all income taxes. The top 5% pay of all 58% income taxes, more than the remaining 95%!! The issues get clouded when you use your feelings since two people may never agree on what's "fair."

The Tax Foundation - Summary of Latest Federal Individual Income Tax Data

[uptown_urbanist]

Keep in mind that income tax is only one part of a larger puzzle. There are other forms of taxes, and of tax breaks. We don't pay taxes on food or clothes, for example, and renters (at least those making less than 60k or so) get a nice renter property tax refund that's (I think) 15% of rent paid. Not sure what the current status is of all those programs, though, but I don't think for many people, particularly those making $30,000, then income tax alone would be enough to make or break a decision to move to the state.

[southernsmoke]

Originally Posted by MSMCGirl

When I moved here from California my income tax when up. So did my quality of life. You get what you pay for. The lowest taxed states have the lowest quality of life

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