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One year after George Floyd s murder, Minneapolis businesses are still reeling
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One year after George Floyd s murder, Minneapolis businesses are still reeling
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Businesses damaged in riots after death of George Floyd still fighting for assistance
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UpdatedFri, Feb 26, 2021 at 8:27 pm CT
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The Minneapolis Regional Chamber of Commerce released the results of a study it says shows the city generated 3.5 times more tax revenue for the State than it received in aid, in 2017. (Shutterstock )
MINNEAPOLIS, MN The Minneapolis Regional Chamber of Commerce released the results of a study earlier this month showing Minneapolis generated 3.5 times more in tax revenue for the State than it received in aid in 2017.
The report, which was compiled by local research firm MacCallum Ross, showed Minneapolis paid out $1.97 billion in taxes, while receiving $536 million in aids, a minus $1.43 billion balance.
Though the statistics were from 2017, the Chamber noted the numbers reflected a larger trend. In 2016, the seven county Metro region (minus $3.46 billion) and Hennepin County (minus $2.45 billion) also had negative balances. The report shows these negative balances have been consistent for 16 years.
Report: Minneapolis Pays Significantly More In Taxes Than It Receives In State Aid
CBS Minnesota 2/25/2021 Syndicated Local – WCCO | CBS Minnesota
MINNEAPOLIS (WCCO) A new report shows that businesses and residents in Minneapolis pay significantly more in taxes to the state than the city receives back in aid.
The report released Thursday from the Minneapolis Regional Chamber found that in 2017 the city paid out $1.97 billion in taxes while receiving just $543 million in state aid a ratio of 3.5 to 1.
“Minnesota has an interconnected economy, where all regions contribute to and support the success of one another,” said Jonathan Weinhagen, the president and CEO of the Minneapolis Regional Chamber, in a statement. “However, the data in this report makes it clear that, from a revenue perspective, those contributions are not equivalent.”