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Minnesota

(11,494 posts)

4. $21,853 taxes owed on $464,433 in joint income -- that's only a 4.7% effective marginal rate

Wed Jul 22, 2020, 11:23 PM

Jul 2020

As I understand it, it's all Minnesota income taxes, but still seems to be a small percentage.

In Minnesota, the first bracket is 5.35%, the 2nd is 7.05%, ... on taxable income, which is income after subtracting deductions and exemptions...

https://www.revenue.state.mn.us/minnesota-historical-tax-rates
https://www.revenue.state.mn.us/sites/default/files/2020-04/tax_rates_married.xlsx

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