Archive for March, 2013

Stir-Fried Random

Via Reddit, I saw this gem about a guy who essentially did a self-IPO and puts shares of himself up for bid to raise money. The result was that his investors had an outsized effect on his life, going so far as to make decisions about the gender of the people he should date and his political registration. It was a pretty interesting, if poorly-ended read.

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Walk A Mile

Senator Rob Portman, a Republican from Ohio, has come out in favor of gay marriage because his son is gay. Some people were less than impressed with the fact that apparently empathy starts and stops at the front door of their own house. Others cut him a little more slack. I have to admit feeling more of the former at first, but I realize that yes, change is incremental and a lot of times it isn’t until you experience it yourself that you realize things aren’t perfect.

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Minnesota Tax Incidence 2013

I’m a couple days late to this, but it’s that time of the year: the 2013 Minnesota Tax Incidence Study has come out. I post about this regularly, so let’s take a look at what is new in 2013!

 

Let’s start with the standard picture: the overall effective tax rate. Little has changed in the past few years.

EffectiveTaxRates

Minnesotans are paying about 11½% of their income in taxes, the same since 2000. It is even projected to go down a few ticks in the future.

Next is my favorite graph, that of tax incidence broken down by decile. The same as before, the wealthiest 10% pay a lower share of their income in taxes than the middle class:

TaxIncidence

No wonder Governor Dayton’s plan to raise taxes on the rich is popular.

There really isn’t much new in this report. Despite all the hemming and hawing over the past several years, the tax situation is mainly status quo in Minnesota.