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Home / Minnesota Senate Democrats – Raise Income Taxes on EveryoneMinnesota Senate Democrats – Raise Income Taxes on Everyone
Last Updated on Wednesday, 22 April 2009 08:05 Written by rslcpol Wednesday, 22 April 2009 08:04
From Minnesota Public Radio:
Bakk said his plan would restore structural balance in the state’s economy. The higher rates he’s proposing vary based on income, but a person with an adjusted gross income of $50,000 would see a tax increase of $325 under the bill.
Minnesota’s top earners would see the highest increase. Joint filers who earn more than $250,000 a year would pay a new top rate of 9.2 percent under the bill.
Bakk said the income tax increases would be temporary, and would expire in 2014. He said he proposes increasing the rate for wealthy Minnesotans because studies show they pay a smaller percentage of their income in taxes than lower-income Minnesotans.