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
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.
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