Skip to comments.Minnesota House passes tax bill, raises taxes on biggest earners
Posted on 04/25/2013 5:29:32 AM PDT by TurboZamboni
House DFLers are going after "The One Percent" in a big way.
Make that the 1.1 percent of Minnesotans who earn the highest incomes.
The DFL-controlled House passed a tax bill -- 69-64 with all Republicans voting "no" -- Wednesday, April 24, that creates a new, fourth income tax bracket with an 8.49 percent rate -- up from the current 7.85 percent rate -- for the top-earning 1.1 percent of Minnesotans -- couples with taxable incomes over $400,000.
On top of that, the bill would impose a temporary 4 percent income tax surcharge on the 0.5 percent of taxpayers making more than $500,000 a year.
"We're going to ask those with the highest levels of income to pay a little more," said House Taxes Committee Chair Ann Lenczewski, DFL-Bloomington.
Her bill would raise taxes by $2.6 billion over the next two years.
In addition to taxing top earners, it would increase state taxes on beer, wine, liquor and cigarettes and scrap tens of millions in corporate tax breaks.
DFLers would use the additional revenue to wipe out a projected $627 million deficit, provide property tax relief to nearly 1 million homeowners and renters, and pump more money into public education.
(Excerpt) Read more at twincities.com ...
"DFLers contend 98.9 percent of you would not pay higher income taxes." Sounds like the Obama Obamacare sales pitch lie again.
Beatings will be made more severe and frequent until morale improves.
And for the rest of the peons “ increase state taxes on beer, wine, liquor and cigarettes “.
As more businesses leave the state...
There's the real reason. Money laundering. The increase in union dues (paid for by tax dollars) will be sent to the democrats as campaign contributions.
Temporary my butt...
This is not being widely reported but they also shifted the income ranges for the brackets downward, so this will affect many more Minnesotans than what they are claiming.
I'm having a Pot-Kettle-Black moment here reading that a DFLer is accusing somebody of "bilking".
My Dad taught me, “never believe the word ‘temporary’ when it deals with taxes or tolls”.
So the “rich” have to pay their “fair share” to Obama’s federal government and then pay their “fair share” to the Dem-controlled Minnesota too. What is that “fair share”? When they ask, the Dems’ only answer is “more more more.”
I am a huge supporter of tax increases in States like Minnesota. Raise those taxes even higher!
I live in Virginia, and whenever liberal States increase taxes, more of the makers and investors move here.
The next tax raise in Minnesota will be an increase for anyone with a job so the monies can be given to the union school teachers to teach liberalism. Gov.Dayton and his Democrat controlled congress will be driving companies and executives out of this state.
Dumb For Lifers believe businesses don’t exist to make profits, just to provide “ ‘liveable wage’ jobs”.
Essentially they’re just gubmint regulated charities.
Minneapolis spends around $23k/student and only half graduate.
Who says you need a gun to rob someone?.
There is no such thing as a ‘temporary’ tax. Ever.