All 50 states were ranked, with Iowa Gov. Kim Reynolds first and Democratic vice presidential candidate and Minnesota Gov. Tim Waltz last, according to a newly released fiscal policy analysis.
The liberal Cato Institute announced: reportWe ranked states based on spending, revenue, and taxes. The top 10 states are Iowa, Nebraska, West Virginia, Arkansas, South Dakota, Montana, Hawaii, Georgia, Idaho, and Vermont.
According to the analysis, the bottom 10 states are New Mexico, Missouri, Oregon, Michigan, Wisconsin, Delaware, Washington, Maine, New York, and finally Minnesota.
The bottom six states received an ‘F’ grade.
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Walz’s low rating comes just three weeks before the presidential election in a race in which he and his running mate, Vice President Kamala Harris, are nearly tied with former President Donald Trump and his running mate, Sen. J.D. Vance, R-Ohio.
The report explains the reasons for Walz’s low score, noting a series of tax increases under his leadership and a 36% increase in spending since 2022, from about $52 billion to nearly $71 billion.
From the report:
For 2019, Walz’s budget would ‘add $2 billion more in new spending and increase taxes by $1.3 billion to pay for it, with the remaining funds coming from existing surpluses.’ But he compromised with the legislature, and the final tax increase amounted to about $330 million per year. Walz also pushed for higher gas taxes and higher vehicle fares to raise about $1 billion a year in transportation costs, but those increases were rejected.
Walz has pushed for more tax increases in 2021. He proposed adding a new personal income tax rate of 10.85%, higher than the current top rate of 9.85%, adding a surtax on capital gains and dividends and raising the corporate tax rate from 9.8% to 9.8%. 11.25 percent. The proposal, which would have raised about $1.6 billion a year, was rejected by the Legislature.
Walz targeted the middle class with HF 2887, which increased taxes and fees on vehicles and transportation. The increases included indexing gasoline taxes for inflation, increasing vehicle registration taxes, increasing delivery fees and increasing sales taxes in the Twin Cities area.
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