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Monday, May 03, 2010

Minnesota business taxes 15th-lowest

Topic requested...Please click onto the COMMENTS for the story.

3 Comments:

Anonymous Finance and Commerce said...

Minnesota business taxes 15th-lowest
by Dan Heilman Staff Writer

Minnesota’s taxes on businesses are the 15th-lowest in the nation, according to a study conducted by Ernst & Young and the Council on State Taxation (COST), a national association of corporate tax attorneys.

The study, Total State and Local Business Taxes 2009, also found that Minnesota’s annual business taxes would have to be $940 million higher in order to reach the national average of the states. Minnesota’s total state and local taxes on businesses in 2009 were 4.3 percent of the state’s private sector Gross State Product. The national average for the states was 4.7 percent.

In an earlier finding, COST said, because of deductions, Minnesota actually only collects 30 cents on the dollar of the 9.8 percent corporate income tax rate. COST said credits and exemptions under the Minnesota corporate net income tax totaled 70 percent.

COST also gave Minnesota the second-highest score in the nation for fair, efficient tax administration.

COST, an association of 600 corporate tax attorneys, tallies all state and local taxes imposed on businesses, including corporate income taxes and the extent that the individual income tax falls on business owners. The study measures the taxes paid as a portion of private business activity in the state and then ranks each state.

5:10 PM  
Anonymous Anonymous said...

Right... The same report shows South Dakota as a higher tax state than Minnesota (and Mass as a lower tax state). Yah, I read about South Dakota companies moving to Minnesota all the time to escape their high taxes.

This is called "value added data" -- just like the "scientists" used in global warming.

It is a liberal's wet dream.

And before you liberals start screaming about how wonderful this report is.... Lets see if your State wide candidates campaign on raising taxes...

2:22 AM  
Anonymous Anonymous said...

2:22 OMG... The Republican's have been in charge of the state for 20 YEARS...TWENTY F'ing years. They have cut corporate taxes to the bone. The report is writen by Republican corporate tax attorneys for gods sake.

Yes, corporate tax rates here are that low.

You listen to that chamber spin so much your head is spinning.

I read a report not long ago that 49 of the 50 state chambers of commerce claimed that corporate taxes were to high in their state and because of that business was moving to the lower taxed state next door.... Well... 49 of them can't all be higher than their neighboring state.

JMONTOMEPPOF

Chuck Repke

9:49 PM  

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