Study says taxes a threat to future growth.
The high taxes that burden small business owners across Minnesota also contributed to the state’s poor ranking in a new study of economic outlook.
The 8th annual Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index ranked Minnesota 48th in the country in economic outlook for 2015. The study looked at factors including property, sales and estate taxes, minimum wage, workers’ compensation costs and top tax rates.
The state’s neighbors all ranked much better, with North Dakota at No. 2 on the list, South Dakota No. 9, Wisconsin No. 13 and Iowa No. 25. Minnesota’s ranking is even two spots lower than last year’s.
The study also ranked states according to economic performance of the past 10 years. Minnesota did better in that ranking, coming in at No. 30. That measure ranked states according to gross domestic product, absolute domestic migration and non-farm payroll employment. But most of Minnesota’s neighbors also did better: North Dakota ranked second, South Dakota was 14th, Iowa ranked 21st and Wisconsin ranked 43rd.
