Minnesota Moves to Make the Rich Pay More
Like most states, Minnesota has a big budget problem. But unlike most states, it’s looking to the well-heeled to help fill the gap. Gov. Mark Dayton plans to attack the state's $6.2 billion deficit by raising taxes on the rich.
Like most states, Minnesota has a big budget problem. But unlike most states, it’s looking to the well-heeled to help fill the gap. Gov. Mark Dayton plans to attack the state’s $6.2 billion deficit by raising taxes on the rich. –JCL
WAIT BEFORE YOU GO...Winona Daily News:
Gov. Mark Dayton looked to the wealthy to erase about half of a $6.2 billion budget deficit on Tuesday, proposing a new top tax bracket and an income surtax that together would give Minnesota the nation’s highest income tax rate.
The Democratic governor’s plan would raise nearly $2.9 billion from the top 5 percent of taxpayers, including a new property tax on homes valued at more than $1 million.
It would also increase taxes on health care providers and corporations with foreign operations, while cutting almost $1 billion in spending for programs including MinnesotaCare health care and nursing homes.
The tax increases and spending cuts are contained in Dayton’s proposal for a two-year, $37 billion budget that guides more money into education but could also cost about 800 state workers their jobs.
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Opinion
A recent editorial about the budget deficit echoes the board's claim during the 1980s that the “right minimum wage” is $0.00.
The former mayor of South Bend, Indiana, draws fire for claiming it's "not fashionable in progressive circles" to talk about the deficit.
Deficits averaging 4.8% of GDP are foreseen over the course of the coming decade; experts say anything above 3% is unsustainable.
Mitch McConnell can blame Social Security and Medicare all he wants, but Republican tax cuts are what's causing our debt to soar.
The Trump White House recently released their fantastical budget plan— fantastically cruel and fantastically phony at the same time.
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