Posted on 03/07/2014 4:38:51 AM PST by TurboZamboni
Gov. Mark Dayton wants to use half of the state's $1.2 billion budget surplus for tax relief, and the Minnesota House gave him most of what he's after by passing a $503 million package of tax cuts on a 126-2 vote Thursday.
Hours before the vote, Dayton proposed a supplemental budget that calls for cutting taxes by $616 million, stashing most of the rest of the surplus in a rainy-day reserve account and providing a relatively small sum for "essential" new spending.
"Our improving economy has greatly improved the state's budget forecast, giving us the opportunity to put more money in the pockets of Minnesota families and businesses," he said.
The Democratic-Farmer-Labor governor would provide $301 million in income tax reductions for middle-class Minnesotans by conforming the state's tax code to the federal government's code.
He also called for repealing all three business-to-business sales taxes that he and the DFL-controlled Legislature passed last year, which would result in a $232 million tax cut.
In addition, he would scrap a gift tax enacted in 2013, double an exemption for estate taxes and add $15 million in angel investor tax credits for startup businesses.
(Excerpt) Read more at twincities.com ...
like a rapist wearing a condom and then telling you that you should be thankful they're so caring.
Which two voted against it?
Probably 2 a-holes that are retiring.
“Which two voted against it?”
If you had read the article you would know.
“In addition, he would scrap a gift tax enacted in 2013” I wondered if they would do this. The tax that was enacted limited the lifetime gift allowance to 1 million vs. the 5.2 million federal allowance (the point where you have to file a gift tax form). The yearly amount of 14K was still the same for both MN and fed, it was the lifetime allowance that changed in 2013.
The retroactive Governor. We have to pass the budget bill to see what’s in it!
Geez, considering the $455 mil they’re pocketing and $162 mil they’re using on “essential” spending, doesn’t seem like they did much of anything....
Sounds like an alien race on Star Trek, and I'm wearing a red shirt...
Or getting a kiss while you’re getting raped.
Election-year pandering. But it will work with Minnesotan feel-gooders and LIVs.
As Reagan said...”whose money is it?” A $1.3 billion surplus means Minnesotans were OVER TAXED by $1.3 billion and it’s the people’s money and the people should get back every penny not chump change.
I re-read my posts 2 or 3 times, use the spell check, and still things slip through, commonly “form” in lieu of “from”, and “thnaks” for “thanks”. Not sure how I type it like that.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.