If you live in Minnesota, you'll work one day more than last year for the government before you can start working for yourself.
Tax Freedom day, calculated by the Tax Foundation, a non-partisan group out of Washington DC that calculates "Tax FreedomDay" each year for the country as a whole and for the individual states says Minnesota is #44 (6th last) in arriving at that day.
The Tax Freedom Days of neighboring states are:
- South Dakota, April 8th (ranked 3rd earliest nationally).
- Iowa, April 16th (ranked 18th earliest nationally);
- North Dakota, April 29th (ranked 42nd latest nationally); and
- Wisconsin, April 25th (ranked 37th latest nationally);
Minnesota is still standing out as a high tax state; Kiplingers cites it as a "tax unfriendly state" for retirees due to estate and gift taxes, capital gains taxes and income taxes as well as being one of only 7 states that tax social security benefits. The Tax Foundation ranks Minnesota as 47th in business tax climate.