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New Mexico taxes retirement income using state income tax rates, which range from 1.7% to 5.9% in 2024. Residents ages 65 and older can claim an $8,000 exemption to offset their tax burdens.
6. Move to a Tax-Friendly State. Some states have lower or no state income taxes, which can significantly impact your overall tax burden in retirement. If feasible, consider relocating to a tax ...
However, Walz proposed providing one-time checks to Minnesota residents and tax cuts for Social Security recipients. The tax cuts targeted single-person households earning less than $75,000 and ...
The sales tax in Minnesota for most items is 6.875% effective July 1, 2009. [29] The state does not charge sales tax on clothing, some services, or food items for home consumption. [30] The state legislature may allow municipalities to institute local sales taxes and special local taxes, such as the 0.5% supplemental sales tax in Minneapolis. [31]
On July 21, 2023, the OMB delineated six combined statistical areas, nine metropolitan statistical areas, and 19 micropolitan statistical areas in Minnesota. [1] As of 2023, the largest of these is the Minneapolis-St. Paul, MN-WI CSA , comprising the area around the state's twin cities - Minneapolis , its largest city, and St. Paul , its capital.
Since 2002, Minnesota has harbored the largest population of Somalis in North America. [9] Minnesota nice was an influence on the Coen brothers movie Fargo, set in both Minnesota and neighboring North Dakota. [10] [11] A 2003 documentary about the making of the movie was entitled Minnesota Nice. [12] [13]
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