John Hinderaker, founding member of the
Power Line web site, has retired from the law to head the MN-based
Center of the American Experiment think tank. His Center has released a study based on IRS data showing the household incomes of those moving into, and out of, Minnesota. I've listed below the key points of the report's
Executive Summary.
Between 2013 and 2014, Minnesota lost nearly $1 billion in net household income to other states.
Between 1992 and 2014, Minnesota lost a cumulative net total of $7.6 billion in household income to other states.
With few exceptions, Minnesota loses taxpaying families to lower-tax states.
Most of the taxpayers who leave Minnesota for lower-tax states are in their prime earning years.
Minnesota loses high-earning families at a much higher rate than other states.
The exodus of citizens from Minnesota accelerated after the legislature’s 2013 tax increases.
Of the people moving
into MN, most of those came from states with taxes even higher than MN. As we wrote yesterday,
Don't bother to deny the importance of tax avoidance.
