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WCCO News Talk reported that a $3 billion tax bill in Minnesota has come into reality as the House and Senate have struck a deal. The deal is one of the last hurdles before the adjournment of the legislature on Monday at midnight.
What’s in the $3 Billion Tax Bill In Minnesota? (PHOTO: Star Tribune)
$3 Billion Tax Bill In Minnesota
The House and Senate in Minnesota have struck a deal up to a $3 billion tax bill. The deal would provide tax rebates for married couples making $150,000 a year will get $250, singles making $75,000 will receive $260, and children would get $260 each, for a max of $1,300 for every family.
Political Analyst Blois Olson said that there might be more changes to the bill even if the deal looks like it’s done. This is because if any of the other bills need to come up with more revenue, then the $3 billion tax bill will be reopened, Olson added.
Taxes on Social Security will be eliminated for married couples who earn up to $100,000 each year, while there are new tax credits for low-income households and tax credits for families.
Up to $500 million, a year will be paid for by corporations together with higher taxes on investment and dividends for high earners. Republicans believed its a large tax increase, while Democrats say the bill is the largest tax cut in history.
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$3 Billion Tax Bill
With the $17 billion surplus, there’s a $2 billion tax increase in the bill too. Senate and House Republicans say that Minnesotans should be upset with such a large surplus and if they are not getting their money back.
Senate Minority Leader Mark Johnson says that Minnesotans should feel outraged with what’s happening at the State Capitol right now.
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