Taxes, taxes, taxes and something beige

Posted at 10:05 PM on April 15, 2009 by Paul Tosto (0 Comments)
Filed under: Saving & spending

Down to about 25 hours in Minnesota to get your 2008 taxes in the mail, unless you're in one of the counties affected by Red River flooding, in which case you have another 30 days and 25 hours.

Not sure what to say about taxes. I did find some interesting rankings of Minnesota's tax burden at the Minnesota Revenue Department. In 2006, the most recent data available, here's how Minnesota ranked among states:

21st in total state and local taxes as a percent of personal income

8th in total state taxes as a percent of personal income

Why the difference? The revenue department explains it's because Minnesota raised 77 percent of its state and local revenue at the state level, compared to the national average of 59 percent.

If you look at the trends in that data, Minnesota was 8th in 2000 and down to 21st in 2006. I don't know if that has more to do with a jump in personal income or a drop in taxes. Anyone with any thoughts on that? Please post something below.

Besides taxes, we'll also get a good look Wednesday at regional economic conditions when the Federal Reserve releases its latest Beige Book report. These are round-ups of economic conditions from each of the Federal Reserve Banks. Check out last month's report from the Minneapolis Fed.

I like the Beige Book because it's not just numbers. It relies also on anecdotes and interviews, which appeals to the reporter in me.

Share a story with us about the economy around you. We'll share them and map them on this site.

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