Once again, the Minnesota Democrats (DFL) have turned to tax increases to balance the budget.
This tax increase, passed under cover of darkness, provides for yet another billion dollars that they expect will be foisted on the backs of Minnesota taxpayers. No reform. No reductions of waste. Just tax 'em to death.
This tax increase:
● Imposes a new income tax rate of 9 percent for single filers earning more than $141,250 and joint filers earning more than $250,000 that will take $516 million out of Minnesota’s economy and give it to the government.And again, in their zeal to get even with the "evil rich," the DFL thinks they can fleece the 'rich' with impunity, in the mistaken belief that like some kind of docile cow, the 'rich' will stick around to get fleeced again and again and again:
●The new income tax would be tied for the fourth-highest in the country (quite an accomplishment, if you're an avowed socialist. No doubt the Tarryl Clark, Larry Haws, and Larry Hosch look at that statistic as a badge of honor--ED)
● This is an absolute job killer: 61.6% of all returns in the $250,000 tier report income from a business
● Here is how Minnesota would compare with surrounding states on
the Democrats’ new 4th-tier income tax:
o Wisconsin: 6.75%
o Iowa: 8.98 %
o North Dakota: 5.54%
o South Dakota: 0%
●This would allegedly “blink off” in 2014 if there is a surplus. [Yeah... like any tax "blinks off." I've got some primo swampland in the Sahara desert to sell you if you believe that--Ed].
● Raises alcohol taxes by $240.9 million, including increases of 275 percent on 3.2 beer and 143 percent on strong beer [That does it. Now they've gone and taxed my beer. I'm sure you know that this means war--Ed]
● Puts a new tax on high interest rate loans that would give the government another $216.3 million.
Experts have long warned that Minnesota start-ups would flee to Wisconsin. Despite an early push from Gov. Tim Pawlenty and the DFL-controlled Legislature, a proposal to create angel investment tax credits now remains bogged down in contentious budget negotiations. The Senate tax bill includes the tax credits but the House version does not.So Tarryl Clark, Larry Haws and Larry Hosch continue to fiddle while the Minnesota economy burns.
***Update*** 9:06pm : This just in from a blackberry from a local legislator: The DFL didn't get their way on the tax hike
Their billion dollar tax increase did not get the required 90 votes, andPoor babies.
therefore did not pass. To punish us for that, they're bringing us back in
tomorrow during the Gov's Fishing Opener.
If the track record of the infantile behavior of these teenagers with credit cards is any indication, with any luck the DFL will take their ball and go home.