Minnesota’s Economic News — W/E 10/15/21
State and local taxes and spending KSTP: State of Minnesota considering ways to cover unemployment fund debt Hometown Focus: Minnesota counties receive $36.3 million in PILT revenue Labor market KAAL…
The accelerating global economy lifted 3M Co.’s sales and profits past expectations, and executives on Thursday raised their outlook for 2018, in part because of future savings that are expected from the new federal tax law.
3M said its tax rate under the new “Tax Cuts and Jobs Act” will fall to 20 percent to 22 percent in 2018, down from a prior rate of 26 percent to 27 percent. Executives said they will use the savings to boost returns for shareholders, increase pension reserves and to invest in the company.
It is the same story we have seen all across the country–the federal tax reform act has given a big boost to the national, and even the global, economy. Which raises the question: can Minnesota learn a lesson from the success of the federal tax cut? Especially since we are in competition with 49 other states, almost all of which have lower taxes than we do?
This is the radio ad that the Center is currently running across the state of Minnesota: