Minnesotans pay 13th-highest lifetime taxes, data says
(The Center Square) – Minnesotans pay roughly $649,130 of taxes in their lifetime, ranking the Gopher State 13th in the nation according to a Self study.
The study pulled data from the Bureau of Labor Statistics, the Tax Foundation, the Hamilton Project, World Population Review, and StatsAmerica.
The top highest-taxed lifetime states are
New Jersey: $931,698 (49.51% of earnings as taxes)Rhode Island: $766,521 (46.73% of earnings as taxes)New Hampshire: $778,837 (45.99% of earnings as taxes)
The data found the average American pays $525,037 in lifetime taxes or an average of 34.3% of all lifetime earnings.
The lowest-taxed lifetime states are:
Alabama: $322,419 (24.48% of earnings as taxes)Louisiana: $339,910 (24.54% of earnings as taxesWest Virginia: $321,023 (25.13%)
Here’s a breakdown of the average American’s tax spending INSERT GRAPH
Tax on earnings is where most tax will come from, with the average American paying $339,173 in a lifetime
Owning a car will cost an additional $29,521 in tax payments alone
Tax on property will set you back an additional $128,581 above the property price and maintenance
The study excludes inheritance tax, marriage, and included tax breaks, and assumes a 36-year worklife to analyze income tax estimates.
Minnesota lifetime taxes on earnings ($443,436) exceed the national average by more than $100,000. Car payment lifetime taxes totaled $37,030, while lifetime property taxes reached $138,470.
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