House Passes Tax Bill Monday Morning
The Associated Press is reporting that early Monday morning, the Minnesota House approved a bill with a series of tax increases, with the Senate ready to follow suit.
The AP reports that the plan will net the state $2.1 billion more from taxes.
Some 54,400 taxpayers will now be forced to pay a higher income tax, averaging $7,200 more per year. The new 9.85 percent upper income tax level gives Minnesota one of the country’s top five rates.
The tax on a pack of cigarettes goes up $1.60. Corporations lose some tax preferences, and some businesses see more transactions subjected to the sales tax.
The plan does provide what democrats are saying is a considerable amount of tax relief for property owners and renters.