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September 29, 2023
Trips to the hardware store, catching the game at your favorite local restaurant, and much more just got pricier.
Coming Sunday: Metro Sales Tax Hike Takes Effect, Will Cost Minnesota Consumers, Small Business Nearly $3 Billion Over 4 Years
- The most recent data from NFIB’s Small Business Economic Trends shows that inflation remains a top concern for small business owners.
- Higher sales taxes hit small businesses on both ends. Minnesota’s Tax Incidence Study shows that 50% of general sales tax revenue is paid by businesses and higher sales taxes reduce customer purchasing power.
- The Metro Area Sales Tax hike was part of a suite of tax and fee increases this year that will cost Minnesotans nearly $10 billion over the next four years, including a higher gas tax, vehicle sales tax, vehicle registration fees, retail delivery fee, and new payroll tax.
State:
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