The Minnesota Senate Tax plan is even worse than one might imagine. It plans to raise $2.2 Billion in taxes. Mostly, by raising income taxes on everyone! That's right...everyone!
Income Current Rate Proposed Rate
0- 31,860 5.35 6.0
31,860 - 126,580 7.05 7.7
126,580 - 250,000 7.85 8.5
Creating a new 4th tier
141,250 Single
212,500 Head of Household
250,000 Jointly
would all pay 9.25% amongst the highest income tax rate in the country! Only California and Rhode Island have higher income taxes on the wealthy. Even if we, for the sake of argument, don't even consider the evils of a proposed tax increase on the wealthy, this plan is extends to every taxpayer! Everyone who pays taxes will pay more. Where does it end?
Now I know there are those out there that are going to make excuses for it and try to explain it away, usually by say "if it means better schools, roads, etc then I am all for it." That's fine to say once. It's just not reality. Reality is that Minnesota's GF sepnding has doubled in the last 10 years from 18 B to 38 B. I don't know business or individual who's budget doubles every ten years. So you say we can't do it with cuts alone and I say 'yes we can!'
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