Minnesota’s budget increased, cumulatively, more than pop+inf in state funds and all funds from 2013-22.
State Funds Budget Data
- Estimated 2023 State Funds Budget ($ Billions): $35.33
- Budget Limit ($ Billions): $37.07
- Budget Limit Growth ($ Billions): 4.92%
- Cost per person of budgeting more than pop+inf over the last decade in 2022 budget: $977.11
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2022 budget: $3,908
- Cumulative cost per person of budgeting more than pop+inf over the last decade: $4,531.42
- Cumulative cost per family of 4 of budgeting more than pop+inf over the last decade: $18,125.68
State All Funds Budget Data
- Estimated 2023 All Funds Budget ($ Billions): $62.93
- Budget Limit ($ Billions): $66.03
- Budget Limit Growth ($ Billions): 4.92%
- Cost per person of budgeting more than pop+inf over the last decade in 2022 budget: $4,291.09
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2022 budget: $17,164.35
- Cumulative cost per person of budgeting more than pop+inf over the last decade: $12,091.83
- Cumulative cost per family of 4 of budgeting more than pop+inf over the last decade: $48,367.33
Other Considerations
- Economic Freedom (2020) (Rank): 39 [Fraser Institute]
- State Tax Collections Per Capita (FY2021) ($): $5,571 [Tax Foundation]
- State Tax Collections Per Capita (FY2021) (Rank): 5 [Tax Foundation]
- State-Local Total Tax Burden per Capita (2022) ($): $7,763 [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (%): 12.10% [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (Rank): 39 [Tax Foundation]
- Top Income Tax Rate (2023) (%): 9.85% [Tax Foundation]
- Top Income Tax Rate (2023) (Rank): 45 [Tax Foundation]
- Flat or Progressive Income Tax (2023) (Flat/Progressive/Zero): P [Tax Foundation]
- Overall State Business Tax Climate Index (2023)(Rank): 45 [Tax Foundation]
- Corporate Income Top Tax Rate (2023) (%): 9.80% [Tax Foundation]
- Corporate Income Top Tax Rate (2023) (Rank): 2 [Tax Foundation]
- State-Local Sales Tax Rate (2023) (%): 7.49% [Tax Foundation]
- State-Local Sales Tax Rate (2023) (Rank): 17 [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 1.11% [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 19 [Tax Foundation]
- Tax and Expenditure Limit (0-3): 0 [American Legislative Exchange Council]
- Tax and Expenditure Limit (Rank): 32 [American Legislative Exchange Council]
- Right-to-Work Law (2022) (Y/N): N [American Legislative Exchange Council]
- State-Local Spending per Capita (2022) ($): $14,988 [US Government Spending]
- State-Local Spending per Capita (2022) (Rank): 41 [US Government Spending]
- Official Poverty Rate (2020-22) (%): 7.7 [Census Bureau]
- Official Poverty Rate (2020-22) (Rank): 3 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (%): 5.5 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (Rank): 3 [Census Bureau]
- Labor Force Participation Rate (Dec. 2022) (%): 68.10% [Bureau of Labor Statistics]
- Labor Force Participation Rate (Dec. 2022) (Rank): 5 [Bureau of Labor Statistics]