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Good afternoon,
The House just went back into session to debate the Omnibus Taxes bill.? This bill includes a few positive provisions but otherwise is horrible.
On the positive side, social security taxes will no longer be taxed in Minnesota if your adjusted gross income (per couple) is under $100,000. The ?deduction? phases out between $100,000-$140,000 with those above that receiving no tax relief. While this isn?t a full repeal, it does completely repeal this unfair tax for over half of Minnesotans. Given the $9.5 billion in tax increases being passed this year, I?ll take that as a win.
The tax bill includes a $260/per person rebate if your adjusted gross income is under $150,000/couple. The Governor and DFL originally campaigned on $1,000/person rebate checks but frankly, they have spent the surplus on new spending plus more.?
There are three additional tax increases in this bill. Two of them are targeted to corporations and one is targeted to those with an income above about $250,000 by limiting standard and itemized deductions, and a ?millionaires? tax on capital gains above $1,000,000.
Additionally, there is a child tax credit but the income limits start to phase out if you make over $35,000/couple and go away completely if you are above $52,000.?
Most egregious is the fact that the Democrats are severely harming our local charities by making many of the e-pull tab games illegal. This is a direct payback to the Tribes in Minnesota who fund the Democrats campaigns at the expense of our veterans groups and local sports leagues and charities. We will be arguing for hours today on this provision even though we will probably not win the vote. It?s shameful.
I included the chart below as to where the rest of the bills are at in the process. There will also be bonding bills passed either Sunday or Monday.
Back to the debate..
Omnibus Bill Update
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