U.S. Census Bureau
| [hide]Total fiscal year 2015 state debt, U.S. Census Bureau | ||
|---|---|---|
| State | Total state debt | State debt per capita |
| Michigan | $33,245,109,000 | $3,352 |
| Illinois | $64,221,381,000 | $5,002 |
| Indiana | $22,463,710,000 | $3,397 |
Which US state has the most debt?
In 2019, the federal state of California had about 506.66 billion U.S. dollars of debt outstanding, the most out of any state.
How much is the state of Michigan worth?
In fiscal year 2021, state revenues totaled $91.3 billion.
What US state has the lowest debt?
States With the Least Debt in 2020
Alaska takes the No. 1 spot, with a tiny debt ratio of only 14.2%. Its total liabilities amount to only $12.65 billion compared to total assets of approximately $89.17 billion in 2019.
How does Michigan make its money?
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
What states are not in debt?
States borrow money for education, defense, health care, and welfare expenses and cover budget gaps, unfunded pension commitments, and outstanding bonds.
States with the Least Debt
- Texas.
- Florida.
- Alaska.
- North Carolina.
- Tennessee.
What states are in financial trouble?
| Rank | State | Eaton Vance’s Comments |
|---|---|---|
| 1 | Idaho | Strong financial position, revenue growth of 8% in fiscal-year 2020 |
| 2 | Wyoming | Largest rainy day fund as % of government revenue |
| 3 | South Dakota | Good reserves and strong budget management including fiscal-year 2020 surplus |
| 4 | Utah | Strong historical job and population growth |
Who is the richest family in Michigan?
The richest man in Michigan is Quicken Loans founder Daniel Gilbert, who appears at No. 23 on the Forbes list with a fortune estimated at $30.9 billion.
How much does Michigan make in taxes?
Overview of Michigan Taxes
Michigan is a flat-tax state that levies a state income tax of 4.25%. A total of 24 Michigan cities charge their own local income taxes on top of the state income tax rate. Local income tax rates top out at 2.40% in Detroit.
Where do Michigan tax dollars go?
The rest, $7.7 billion, goes into the state’s general fund, to be spent however lawmakers please. Last year, for every dollar lawmakers collected in income taxes, they spent 28 cents distributing it to K-12 schools. Another 27 cents went to social assistance programs, the majority of that to Medicaid.
How much is Texas in debt?
As of August 31, 2021 Texas had a total of $63.21 billion in state debt outstanding, including both general obligation and revenue debt. Texas’ general obligation debt is rated at Aaa/AAA/AAA/AAA by the credit rating agencies, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings and Kroll.
How much is New York’s debt?
In the fiscal year of 2021, New York’s state debt stood at about 160.65 billion U.S. dollars. By the fiscal year of 2027, this is projected to increase to 202.65 billion U.S. dollars.
How much is America in debt?
By the end of 2021, the federal government had $28.43 trillion in federal debt.
Where does Michigan rank in economy?
Economic Outlook Rank
Michigan is currently ranked 17th in the United States for its economic outlook.
Is Michigan a nice state to live in?
Michigan is a great place to live in. It boasts several features that are attractive not only to visitors to live, but also to top companies who often choose to invest in the state. From small lakes to large forest areas to historical buildings, Michigan has everything you can think of.
What does Michigan spend the most money on?
The state spends its budget on government salaries, infrastructure, retirement, public health insurance, transportation, education and public assistance. Most of the budget is spent on education and public healthcare.
What is the best state to live in financially?
Alaska is the top state for fiscal stability. It’s followed by South Dakota, Tennessee, Idaho and Utah to round out the top five. Half of the 10 states with the best fiscal stability also rank among the top 10 Best States overall.
How much is China’s debt?
China, U.S. lead rise in global debt to record high $305 trillion – IIF.
Who has the most debt in the world?
Japan, with its population of 127,185,332, has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%. Japan’s national debt currently sits at ¥1,028 trillion ($9.087 trillion USD).
Which state has strongest economy?
Washington topped the list of best state economies, ranking third on economic activity, seventh on economic health, and second on innovation potential. Utah and California rounded out the top three state economies. At the bottom of the list were Louisiana, Alaska, and West Virginia.
Can states take on debt?
The law states that public debt cannot exceed 60% of GDP, though exceptions would be made in case of a natural catastrophe, economic recession, or other emergencies. The changes will also require the government to stick to EU annual deficit limits of 3% of GDP.