A new analysis by the international research think tank Tax Foundation shows which states in the nation collect the least and most taxes per capita as of fiscal year (FY) 2021, the most recent year for which full state-by-state data are available.
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New Internal Revenue Service (IRS) guidelines for the federal electric vehicle (EV) tax credit are a “recipe for fraud,” warns the head of the Tax Foundation.
Consumers will now be able to automatically claim the tax credit at the point of sale on new or used EV purchases, rather than wait to claim it on their tax return, according to the latest Treasury Department guidance.
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Minnesota’s top marginal corporate tax rate, 9.8%, is the second-highest the nation, according to an analysis the Tax Foundation released Tuesday.
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Minnesota ranks among states with the highest income tax, a new report from the Tax Foundation shows.
The organization, a nonpartisan nonprofit that analyzes tax policies from each state, ranked the governments based on the impact of their individual income taxes, as Minnesota was placed at number 43 in the country.
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As more Americans move to lower-taxed Republican-led states, a new report by the Tax Foundation indicates that taxation levels play a direct and indirect role as factors contributing to migration patterns.
Taxes often “play an indirect role by contributing to a broadly favorable economic environment. And sometimes, of course, they play little or no role,” Jared Walczak, a vice president at the Tax Foundation, writes in an analysis of 2021 U.S. Census Bureau data and inbound and outbound migration data published by U-Haul and United Van Lines.
“The Census data and these industry studies cannot tell us exactly why each person moved, but there is no denying a very strong correlation between low-tax, low-cost states and population growth,” he wrote. “With many states responding to robust revenues and heightened state competition by cutting taxes, moreover, these trends may only get larger.”
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A new report released Wednesday lists the states with a marriage penalty on citizens’ income taxes.
The Tax Foundation, a non-partisan policy think tank, lists 15 states that penalize couples for being married.
Minnesota is one of those states. North Dakota and Wisconsin join the state in punishing marriage.
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