Minnesota’s high tax burdens rank as one of the top barriers to economic growth, according to annual surveys and Grow Minnesota! member visits. Minnesota businesses - like the one you work for - are required to pay taxes that are among the highest in the nation in many categories. In today’s world of global competition and increased mobility, tax burdens and related costs do matter – for all employees, and really, all Minnesotans.
We refer to them as "business" taxes, but that’s really a misnomer. Business taxes are regressive. Companies cannot simply absorb higher costs year after year and so, as the saying goes, "for every action, there’s a reaction." Businesses must look for ways to spread the rising cost of doing business, and there are three likely avenues to do this:
- They raise the cost of products and services to their customers.
- They lower the rate of return to their shareholders.
- They limit the amount of money available for their employee's wages and benefits.
How does this extra cost for your employer, affect you, the employee?
All Minnesotans will benefit from a tax system that makes Minnesota companies ready to grow – ready to compete in an everchanging global economy. Help your Minnesota employer and other businesses you patron - contact your legislator and ask them to reduce the state-wide business property tax.
Got a question? Contact us!