Archive | Taxes

Occupy Wall Street comes to Minneapolis

Somewhere in the area of 300 people converged on Hennepin County MN Center Plaza to show solidarity with the Occupy Wall Street protesters.

The same, by now familiar themes were addressed in speeches by several of the protesters. Corporate greed and malfeasence, and their influence on polotics and policy in the USA.

A few police were on hand – but like most of the protests throughout the country, it was well behaved and civil.

Regressive tax

According to Wikipidia: “A regressive tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases”.

Well apparently not only is there not an equatable, equal tax burden placed on the citizens of Minnesota. Not only do the wealthy of this state (as is the case thoughout most of this Country) NOT pay an equal tax rate as the middle and poor classes. They pay a SMALLER rate.

A statewide study is showing that the hardest hit by Minnesota’s tax laws are the state’s lower and middle income residents.

It is even more regressive than 10 years ago!

For a prime example: the first 90% of Minnesota tax payers pay an average of 12.3% of their income towards local and state taxes for the year “08. But the top 10% of wage earners (households) making more than 130,000/year pay on average 10.3%.

What is wrong with this picture? In a system whereby most people’s income has gone down or remained stagnant for some time now – while the rich have gotten richer and richer – the State and local tax burden is 2% LESS for these people??

How do we let this happen?

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