Tax cuts on the way for some Minnesotans; opponents say they are too expensive, directed at wealthy
Hundreds of thousands of Minnesotans will get more money in their pockets thanks to tax cuts beginning July 1, costing the state treasury about $650 million over the next two years and much more over the coming decade.
Social Security recipients, farmers, first-time home buyers, families with child care costs, small businesses with big property tax bills and college loan debtors are among the beneficiaries. The chief author of the cuts, Rep. Greg Davids, R-Preston, cheekily called it “the greatest tax bill ever” as he lauded its relief for a range of middle-class interest groups.
Even as the tax cuts are poised to take effect, a political squabble over them continues. DFL Gov. Mark Dayton wants the Legislature to come back into session and undo several of the cuts, arguing they tilt Minnesota’s tax system more in favor of the wealthy.
“The bill prioritizes tax relief to some of the most fortunate in our state, large businesses and special interests at the expense of Minnesota’s fiscal stability while ignoring those in Minnesota who have not yet benefited from the recovery and those who rely on essential government services,” Dayton wrote in a May letter to House Speaker Kurt Daudt, R-Crown.
Read more: http://www.startribune.com/tax-cuts-on-the-way-for-some-minnesotans-opponents-say-they-are-too-expensive-directed-at-wealthy/430748203/