Proponents of the omnibus tax bill vetoed today by Governor Dayton made the case that the tax cuts it contains – primarily a freeze on the statewide property tax paid by businesses and cabins and incentives for investors in certain businesses – would spur economic growth in Minnesota.
Many Minnesotans put the final touches on their income tax forms yesterday, and as they did so, many also submitted their applications for state property tax refunds, which help homeowners and renters whose property taxes make up a high share of their incomes.
The week when federal taxes are due predictably generates fist-shaking by the various forces for individualism and small government, and increasingly, counter-demonstrations by the "99 percenters'' who favor a stronger public sector and more fair economic outcomes.
The Senate Tax Committee passed its omnibus tax bill, Senate File 1972, last week. The bill would cut taxes by $102 million in FY 2012-13 and $193 million in FY 2014-15. The major tax cut provisions include:
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