MPR Video/Tom Scheck
“Governor Dayton and DFL legislative leaders have announced a deal on an overall tax bill that would increase roughly $2 billion in new taxes,” writes MPR News reporter Tom Scheck.
“The plan would create a new fourth tier income tax rate of 9.85 percent on couples with an after-tax income of $250,000 a year. The nonpartisan Tax Foundation says Minnesota would have the fourth highest income tax rate in the nation under the new proposal.
“The plan would also increase cigarette taxes by $1.60 a pack and increase some corporate taxes. The plan scraps proposals to raise alcohol taxes and an income tax surcharge on couples earning more than $500 thousand a year. DFL House Speaker Paul Thissen says House Democrats dropped their push for the income tax surcharge to pay back an $800 million K12 school payment delay.”
Today’s Question: What do you make of the tax deal reached by Gov. Dayton and legislative leaders?