MN House Floats Tax Raising Bill

The Minnesota House of Representatives finally revealed their expected prodigal Tax Bill. Having previously set there budget up to include $1.5 Billion in "New Revenues" (a.k.a. new taxes) the House Tax Chair is taking the opening shot at what will prove to be a very difficult legislative end game. Less than one month to go, the House plans to balance the state budget by creating a new 4th Tier Income Tax rate at 9% (read = class warfare), increasing the cigarette tax by 54 cents (admittedly the most regressive tax), increasing liquor tax by 5 cents per drink (read = weak), and last but certainly not least by eliminating the State Mortgage Interest Deduction and creating a credit instead. The Mortgage Interest Deduction is aggregious because it would disportionately fall on the newest buyers first and apply to their taxes for a period of approximately 10-15 years based on most mortgages being front end loaded.

Really House DFL? This is the plan we have been waiting for 4 months? Don't strain yourself. Don't put something into your strategy. Just serve up exactly the worst piece of garbage you can come up with and wait for the veto!