Minnesota is a state of myths; we all know about Paul Bunyon and his big blue ox, but the Walz administration has taken mythology to a whole new level, claiming we are this wonderful state of great neighbors with a fantastic economy. The truth is that the state is in an accelerated decline and much of it is due to Little Timmy’s crazy tax and economic policies. The most recent evidence comes from a John Phelan post on small business taxation. Minnesota is losing companies, especially small businesses. High minimum wages, paid leave, a Byzantine regulatory environment all have taken their toll. John points out that Minnesota loves its small businesses so much that it has the highest tax rate on them of any state in the US. Our nominal corporate tax rate is 9.8% and unlike other high-tax states, we apply that rate on every dollar of income that a business makes, which creates the highest effective tax rate. Most of these small businesses are owned by individuals and are the source of their livelihood to support themselves and their families. The Incompetent Blowhard doesn’t care, his love for them is really just for how much money he can extort from them and give to fraudsters who gin up fake votes to keep the whacked Dems in power. (JP Post)
