Minnesota Republicans Move to Cut Taxes

Thursday, 22 Mar 2012 11:31 AM

By Greg McDonald

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
Minnesota Republicans plan to unveil a comprehensive jobs bill next week that reportedly provides a number of big tax breaks to families and businesses, the Minneapolis Star Tribune reported Thursday.
 
The announcement by Senate Republicans came as the GOP-controlled state House passed a separate bill Wednesday along party lines that would provide millions in business tax breaks.
 
According to the Star Tribune, both Republican measures would suspend the income tax marriage penalty for a year, cut taxes for “angel” investors, and phase out the business property tax entirely.
 
“If married couples have more income, they are going to invest it,”' said Republican Senate Taxes Committee Chairwoman Julianne Ortman. “If you've got business with more of their income that they are not paying in state general levy taxes, then they are going to invest it.”
 
Democrats, however, complained that the GOP measures would help “big” business more and hurt the state’s middle-income earners in the long run.
 
“They are standing up for big corporations and sticking it to the middle class,” said House Minority Leader Paul Thissen. “We don’t think that is the priority of Minnesotans.”
 
The Star Tribune noted the proposals “could drain tens of millions of dollars from newly replenished budget reserves” by leaving the state short some $102 million in revenue by the end of the 2013 fiscal year.
 
Democrats said that would force Gov. Mark Dayton to make spending cuts or tap into those budget reserves.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Send me more news as it happens.
 
 
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Passengers Push Plane on Icy Russian Runway (With Help of a Tractor)

Wednesday, 26 Nov 2014 20:45 PM

Passengers on a Russian plane got off to push the aircraft to help get it on the runway after it began slipping on ice i . . .

Bernie Tiede, Convicted Murderer Mortician, to Get New Sentencing

Wednesday, 26 Nov 2014 17:39 PM

Bernie Tiede, the mortician who was convicted of killing his companion Marjorie Nugent in 1996, will receive a new sente . . .

Chrysler Pentastar Logo Getting Phased Out With FCA Formation

Wednesday, 26 Nov 2014 15:51 PM

Chrysler's iconic Pentastar logo is being phased out as the company introduces a new logo in keeping with the newly form . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved