Mark Dayton's tax on rich won't close budget gap, state calculations show

pioneer press ^ | 9-15-10 | dave orrick

[WOBBLY BOB]

Sock it to the rich to solve the state's financial woes?

Won't be enough. By a long shot.

In figures that underscore the challenge facing candidates for governor, state calculations released Tuesday show that Democrat Mark Dayton's highest considered tax-the-rich budget-balancing plan would fall well below what's needed.

His income-tax-hike plan would raise close to $1.9 billion over two years. The state's projected budget hole: $5.8 billion, according to figures supplied by the Minnesota Department of Revenue.

Those figures apply to taxes on married couples earning a minimum of between $180,000 and $190,000 in gross, or pre-tax, income, and individuals earning a minimum of between $155,000 and $160,000 in gross income, according to Department of Revenue research director Paul Wilson.

[WOBBLY BOB]

But at least it may esuage his leftist, elitist guilt.

[silverleaf]

Wow, the threshold on being “rich” keeps dropping, doesn’t it?

[hometoroost]

It will help rid the state of some more of those evil rich people though.

[WOBBLY BOB]

So does my spelling standards.

“assuage” is what I meant.

[silverleaf]

not to worry- the spell check police have an outstanding warrant for my arrest. :-)

[ANGGAPO]

Unfortunately the rich folks are the ones that control the job markets. When we Tax them to death there are no investments in the future of our country. These guys provide the seed money that keeps us going. It is just like shooting yourself in the foot. If Obama don't know this he is a fool.

[WOBBLY BOB]

Mayve MN can be the next Jersey.