What Does The Number $19,300 Mean To You?
That is how much each taxpayer in the State of Michigan owes.
Michigan is ranked 9th in the United States as having the most debt per taxpayer according to the annual "Financial State of the States" report.
The report measures the total assets and liabilities of the 50 states.
Michigan taxpayer burden of $19,300 per person is actually down from an all-time high of $25,300 per person last year which ranked the state fifth.
Let's look at the numbers:
- Michigan has the 9th worst per taxpayer burden.
- Michigan has $23 billion to pay the state's bills totaling $81 billion.
- To fill its $58 billion financial hole today, each taxpayer would have to send $19,300 to the state.
- The Michigan financial statements clearly report $4 billion of retirement liabilities, but in reality the state has nearly $55 billion of unfunded retirement promises.
- The Michigan Taxpayer Burden is 49 percent of an average citizen's personal income of $39,215.
The good news is that In each of those areas, the state has improved from last year.
Who is worse than us:
- New Jersey
How about the states with a surplus (where assets are greater than liabilities)
- North Dakota
- South Dakota
Let's talk about it on Monday's Live with Renk Show from 9 to noon.